In a large pot or Dutch oven, heat the olive oil over medium heat. Add the chopped onion and minced garlic, sautéing until the onion is translucent, about 3-4 minutes.
Add the ground beef to the pot, breaking it up with a spoon. Cook until browned, about 5-7 minutes. Drain excess fat if necessary.
Stir in the diced potatoes, beef broth, salt, black pepper, paprika, and thyme. Bring to a boil, then reduce heat to low. Cover and simmer for 20-25 minutes, or until the potatoes are tender.
While the beef and potatoes are cooking, prepare the dumplings. In a medium bowl, mix the flour, baking powder, and salt. Stir in the milk and melted butter until just combined.
After the potatoes are tender, drop spoonfuls of the dumpling batter over the beef and potato mixture. Cover the pot and let the dumplings steam for 15 minutes without lifting the lid.
Once the dumplings are cooked through, sprinkle the shredded cheddar cheese on top. Cover for an additional 2-3 minutes until the cheese is melted.
Serve hot, spooning the cheesy beef and potatoes with dumplings into bowls.