Combine the seasonings in a small bowl and set aside. Allow the cream cheese to come to room temperature for easier incorporation. Shred your cheddar and Monterey Jack cheese from a block and set aside.

In a large soup pot over medium heat, add the butter and olive oil. Once melted, add the diced onions and jalapeño peppers. Sauté for about 4 minutes until softened. Stir in the minced garlic and cook for an additional minute, until fragrant.

Pat the chicken breast dry and season it generously with salt and pepper on both sides. Add it to the pot along with all remaining ingredients except the cream cheese and shredded cheese.

Increase the heat and bring the soup to a gentle boil. Once boiling, reduce the heat to medium-low and cook for 15-20 minutes until the chicken is cooked through (internal temperature should reach 165°F).

Remove the chicken from the pot and shred it using two forks. Return the shredded chicken back to the soup, stirring to combine.

Lower the heat to low, and stir in the softened cream cheese followed by the shredded cheddar and Monterey Jack cheese until they are beautifully melted and the soup is creamy.

Taste your soup and adjust seasoning if necessary.

Ladle into bowls while hot, and enjoy!