In a large pot or Dutch oven, heat the olive oil over medium heat. Add the diced onion and sauté until translucent, about 4-5 minutes.
Add minced garlic and cook for an additional minute until fragrant.
Stir in the ground beef and cook until browned, breaking it up with a spoon, about 6-7 minutes. Drain excess fat if necessary.
Add the diced carrots and red bell pepper to the pot. Cook for about 5 minutes until vegetables begin to soften.
Stir in the black beans, corn, diced tomatoes (with their juices), and beef broth. Add chili powder, cumin, smoked paprika, salt, and pepper. Bring to a boil.
Once boiling, reduce heat and let the soup simmer for 15-20 minutes to allow flavors to meld.
Stir in the heavy cream and cook for another 5 minutes until warm and creamy.
Adjust seasoning with salt and pepper if needed.
Serve hot, garnished with fresh cilantro or parsley.
Notes
Adjust seasoning to taste and garnish with fresh herbs.