In a medium saucepan, combine beef broth, butter, salt, garlic powder, and smoked paprika. Bring to a gentle boil, then stir in rice. Reduce heat to low, cover, and simmer for 15–18 minutes until liquid is absorbed. Fluff rice and set aside.

Season steak strips with salt, black pepper, garlic powder, paprika, and cumin. Heat olive oil in a skillet over medium-high heat. Cook steak for 3–4 minutes per side until browned. Let rest for 5 minutes before slicing.

In a saucepan, heat heavy cream over low heat. Stir in cream cheese until melted. Gradually add cheddar and Monterey Jack cheese, stirring until creamy. Season with garlic powder and cayenne pepper.

Divide rice into bowls. Top with sliced steak and drizzle with queso. Add optional toppings like cilantro, tomatoes, jalapeños, or sour cream.