Heat up 1 tablespoon of olive oil in a large pot over medium-high heat.
Add in the onions and peppers, and saute for 2-3 minutes until they are a crisp tender.
Toss in the garlic powder, cumin, chili powder and paprika. Stir the spices into the vegetables, for about 30 seconds until they become fragrant.
Whisk in 2 cups of chicken bone broth, stir until well combined.
Reduce the heat to medium, and add in 1 cup of low carb salsa.
Mix in 1 can of Ro-tel.
Stir in 2 cups of shredded cheddar cheese, and stir until it is completely melted.
Let the soup simmer for about 10 minutes, stirring occasionally.
Mix in 1 pound of shredded chicken, and combine well.
Add salt and pepper to taste.
Simmer for an additional 10 minutes.
Stir in ½ cup of heavy whipping cream, and cook for an additional minute or two. Serve the soup with fresh herbs as garnish.