In a medium saucepan, combine beef broth, butter, salt, garlic powder, and smoked paprika. Bring to a boil, add rice, reduce heat, cover, and simmer for 15-18 minutes.

Season steak strips with salt, pepper, and spices. Heat olive oil in a skillet, add steak, and cook for 3-4 minutes on each side until browned. Let rest for 5 minutes before slicing.

In a separate saucepan, heat heavy cream over medium-low. Gradually add cream cheese and stir until smooth. Then mix in cheddar and Monterey Jack cheeses, garlic powder, and cayenne.

To assemble, place rice in bowls, top with sliced steak, and drizzle with queso sauce.

Garnish with cilantro, tomatoes, jalapeños, or sour cream if desired. Serve immediately.