In a medium saucepan, combine 2 cups of beef broth, 2 tablespoons of butter, 1 teaspoon of salt, 1 teaspoon of garlic powder, and 1 teaspoon of smoked paprika. Bring it to a boil, then stir in 1 cup of rice. Reduce heat to low, cover, and simmer for 15-18 minutes until the rice is tender. Fluff the rice and set aside.

Slice 1 pound of steak into strips and season with salt, black pepper, garlic powder, paprika, and cumin. In a skillet, heat 1 tablespoon of olive oil over medium-high heat. Cook the steak for 3-4 minutes per side until browned. Remove from heat and let it rest.

In a small saucepan over low heat, warm 1 cup of heavy cream. Add 4 ounces of cream cheese and stir until melted. Gradually add 1 cup of cheddar and Monterey Jack cheese, stirring until smooth. Season with 1 teaspoon of garlic powder and ¼ teaspoon of cayenne pepper.

To serve, divide rice into bowls, top with steak strips, and drizzle with queso sauce. Add optional toppings like cilantro, tomatoes, jalapeños, or sour cream.