In a medium saucepan, combine beef broth, butter, salt, garlic powder, and smoked paprika. Bring to a boil over medium-high heat. Stir in rice, cover, and reduce heat to low. Simmer for 15-18 minutes until liquid is absorbed.

Season steak strips with salt, black pepper, garlic powder, paprika, and cumin. Heat olive oil in a skillet over medium-high heat. Cook steak for 3-4 minutes per side until browned. Let rest for 5 minutes before slicing.

In a small saucepan, heat heavy cream over low heat. Gradually stir in cream cheese until melted. Add shredded white cheddar and Monterey Jack, stirring until creamy. Optionally mix in cayenne pepper.

Divide rice in serving bowls. Top with sliced steak and drizzle warm queso sauce over steak.

Garnish with cilantro, jalapeño, sour cream, and diced tomatoes. Serve immediately.