Start by combining all the seasonings in a small bowl and set them aside for later use. Take out the cream cheese so it can soften at room temperature while you work on other ingredients.

In a large soup pot, heat butter and olive oil over medium heat until melted together. Add diced onions and jalapeno peppers to the pot, allowing them to soften for about four minutes until they become translucent. Then stir in minced garlic, cooking it just until fragrant—about one minute more.

Pat dry your chicken breast with paper towels before seasoning each side with salt and pepper generously. Place the seasoned chicken into the pot along with all remaining ingredients except cream cheese and shredded cheeses.

Bring everything in the pot up to a gentle boil over medium-high heat. Allow it to simmer gently for about 15-20 minutes or until cooked through; then remove chicken from the pot carefully using tongs or a slotted spoon so you can shred it easily.

Once you've shredded your chicken, return it back to the pot with all those delicious flavors infused within! Reduce heat down low before stirring in softened cream cheese until well combined followed by both types of shredded cheese until melted completely throughout.

Give your soup a taste test at this point—adjust seasoning levels as needed by adding more salt or spices based on personal preference! Serve hot right away garnished however you’d like.