In a large soup pot, heat 1 tablespoon of olive oil over medium-low heat. Once the oil shimmers, add the chopped onion, stirring frequently until softened, about 5 minutes. Add minced garlic, cooking for 1-2 minutes until fragrant.

Stir in oregano, cumin, salt, pepper, paprika, and optional cayenne, allowing the spices to toast for about 1 minute.

Pour in chicken stock and add green chiles. Increase heat to bring to a low boil, gently stirring to combine all ingredients.

Once boiling, reduce heat to maintain a gentle simmer, uncovered, for about 25 minutes, stirring occasionally.

Lower the heat and stir in heavy cream, cubed cream cheese, and shredded chicken. Cook for an additional 10-15 minutes, stirring frequently.

Remove the pot from heat and ladle into bowls. Top with keto-friendly toppings like sour cream or diced avocado.