In a large skillet, heat olive oil over medium heat. Add the ground beef and cook until browned, breaking it apart with a spatula, about 5-7 minutes. Drain excess fat if necessary.

Add the diced onion and bell pepper to the skillet and sauté for about 3-4 minutes until softened. Stir in the minced garlic and cook for an additional minute until fragrant.

Mix in the diced tomatoes with green chilies, black beans, corn, chili powder, cumin, smoked paprika, and cayenne pepper (if using). Stir to combine and let simmer for 5 minutes.

Lower the heat and add the cream cheese, stirring until melted and fully incorporated. Gradually add the shredded cheddar cheese, mixing until melted and creamy. Season with salt and pepper to taste.

Remove from heat and garnish with fresh cilantro. Serve warm with tortilla chips for dipping.