Pat the chicken breasts dry with a paper towel. In a small bowl, mix together the salt, black pepper, garlic powder, and smoked paprika. Season both sides of the chicken breasts generously with the spice mixture.

Heat the olive oil in a large skillet over medium-high heat. Once hot, add the chicken breasts to the skillet. Cook for 5-7 minutes per side, or until golden brown and cooked through (internal temperature reaches 165°F / 74°C).

Remove the cooked chicken from the skillet and set it aside on a plate. Do not wipe the skillet clean.

Reduce the heat to medium. Add the butter to the same skillet. Once melted, add the diced onion and cook until softened, about 3-4 minutes, scraping up any browned bits from the bottom of the pan.

Add the minced garlic and diced jalapeños to the skillet. Cook for another minute until fragrant.

Pour in the chicken broth to deglaze the pan, scraping the bottom with a spatula. Let it simmer for 1-2 minutes, allowing the liquid to reduce slightly.

Reduce the heat to low. Whisk in the heavy cream and the cubed cream cheese. Continue to whisk until the cream cheese has completely melted and the sauce is smooth and creamy.

Stir in the shredded Monterey Jack cheese until melted. Then, stir in the 2 tablespoons of chopped cilantro. Season with additional salt and pepper to taste, if needed.

Return the cooked chicken breasts to the skillet, nestling them into the sauce. Spoon some of the sauce over the top of each piece of chicken. Let it simmer for 1-2 minutes for the flavors to meld together.

Garnish with additional fresh cilantro and sliced jalapeños if desired. Serve immediately over rice, pasta, or with a side of steamed vegetables.