In a medium saucepan, bring beef broth to a boil over medium-high heat. Stir in butter, salt, garlic powder, and smoked paprika. Add rice, cover, and reduce heat to low. Simmer for 15-18 minutes, then fluff rice with a fork.

In a bowl, toss steak strips with salt, black pepper, garlic powder, paprika, and cumin. Heat olive oil in a large skillet over medium-high heat. Sear steak strips for 3-4 minutes on each side until medium-rare, then let rest for 5 minutes before slicing.

In a small saucepan, heat heavy cream over low heat, stirring consistently. Add cream cheese and mix until melted. Gradually whisk in white cheddar and Monterey Jack cheeses. For flavor, mix in garlic powder and optional cayenne. Keep warm.

Portion cooked rice into serving bowls. Layer steak strips on top, then drizzle with queso sauce.

Garnish with fresh cilantro, diced tomatoes, and jalapeño. Add sour cream or Greek yogurt if desired. Enjoy immediately!