Heat the olive oil in a large soup pot over medium heat. Add the chopped onion and sauté until it turns translucent, about 3-4 minutes. Stir in the garlic and cook for another minute until fragrant.

Add the diced red bell pepper and jalapeño to the pot. Cook for 2-3 minutes, stirring occasionally. Sprinkle in the smoked paprika, cayenne pepper, ground cumin, salt, and black pepper. Stir to coat the vegetables evenly with the spices.

Add the diced potatoes to the pot, then pour in the vegetable or chicken broth. Bring the mixture to a boil, then reduce the heat to medium-low and let it simmer for about 20 minutes, or until the potatoes are tender.

If you prefer a creamy soup, use a blender to puree half of the soup mixture. Be cautious with hot liquids while blending. Return the blended soup to the pot and stir to combine.

If using heavy cream, stir it into the soup and cook for another 2-3 minutes. Adjust the seasoning as needed.

Ladle the soup into bowls and garnish with fresh cilantro and your choice of toppings like shredded cheese, sour cream, or crispy bacon bits.