Mix Spices: Combine chili powder, mustard powder, garlic powder, onion powder, cumin, cinnamon, and optional cayenne in a small bowl. Set aside. Allow cream cheese to soften and shred your cheddar and Monterey Jack cheese.
Cook Onions and Peppers: Heat butter and olive oil in a soup pot over medium heat. Add onions and jalapeño, cook until softened (about 4 minutes), then add garlic and cook for another minute.
Add Chicken and Ingredients: Season chicken with salt and pepper and add to the pot along with the enchilada sauce, diced tomatoes with chilies, black beans, corn, optional hot sauce, chicken broth, and prepared spices.
Simmer Chicken: Bring to a low boil, cooking the chicken until tender, about 15-20 minutes. Avoid high heat to prevent the chicken from toughening.
Shred Chicken: Remove chicken, shred it, then add it back to the pot.
Incorporate Cheeses: Reduce heat to low, mix in the cream cheese until smooth, then gradually add shredded cheeses, stirring until melted and well-combined.
Adjust Seasoning and Serve: Taste and adjust seasoning as needed before serving the creamy and cheesy Chicken Enchilada Soup.