Heat oil in a large pot over medium-high; cook chicken 5-6 minutes until browned and cooked through and set aside.
Sauté onion and pepper in same pot 4-5 minutes until softened; cook garlic 1 minute more.
Stir in broth, tomatoes with green chilies, beans, and corn.
Add chili powder, cumin, paprika, salt, and pepper; boil, reduce heat, and simmer 15 minutes.
Return chicken; stir in cream of chicken soup.
Add Velveeta; stir until completely melted and soup is creamy and smooth.
Simmer another 10 minutes, stirring occasionally; adjust seasoning to taste.
Serve hot topped with crispy tortilla strips, cheese, sour cream, and optional fresh cilantro.