Heat the olive oil in a large saucepan or Dutch oven over medium heat. Add the ground beef and cook for 6-8 minutes, breaking it up with a spoon, until it is completely browned. Drain off the excess fat (don't skip this or the finished soup will be greasy).

While the beef is cooking, finely chop the bell pepper and mince the garlic.

Add the bell pepper, garlic, tomato sauce, onion powder and Mexican seasoning to the pan. Stir well and cook for 2-3 minutes, then add the cream cheese and stir until it melts into the sauce.

Pour in the beef broth and bring to a boil. Reduce the heat to low and simmer uncovered for 10-15 minutes, stirring now and then, until the soup has thickened to your liking.

Taste and season with salt, pepper and a splash of hot sauce if you like. Ladle into bowls and add your favorite toppings (see notes).