Heat the butter and olive oil in a large pot over medium heat until bubbling.

Add the diced yellow onion and jalapeño; stir for a few minutes until the onion becomes translucent.

Add the minced garlic and cook for about a minute.

Sprinkle in the chili powder, mustard powder, garlic powder, onion powder, cumin, cinnamon, and cayenne pepper; stir to toast the spices for a minute.

Pour in the red enchilada sauce and the diced tomatoes with their juices; stir to combine.

Add the black beans, corn, and chicken broth; stir to distribute evenly.

Mix in hot sauce if using, then add the chicken breasts whole into the soup.

Let the soup simmer, allowing the chicken to cook through and flavors to meld.

Remove the chicken once cooked, shred it, and return to the pot.

Lower the heat and stir in the cream cheese until fully melted.

Finally, add the shredded cheddar and Monterey Jack cheeses, stirring until melted.