In a medium saucepan, combine beef broth, butter, salt, garlic powder, and smoked paprika. Bring to a boil. Once boiling, add the rice, reduce heat, cover, and simmer for 15-18 minutes. Fluff rice with a fork and remove from heat.

Season steak strips with salt, black pepper, and cumin. Heat olive oil in a large skillet over medium-high heat. Once shimmering, add steak strips, cooking for 3-4 minutes on each side until desired doneness. Let steak rest for 5 minutes before slicing.

In a small saucepan, heat heavy cream over low to medium heat. Slowly stir in cream cheese until melted. Gradually add both cheeses, stirring until creamy. Adjust spices as desired.

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