In a medium saucepan, bring the beef broth, butter, salt, garlic powder, and smoked paprika to a gentle boil. Stir in the rice, reduce the heat to low, cover, and let it simmer for 15–18 minutes until the liquid is absorbed. Remove from heat and let the rice sit covered for 5 minutes, then fluff with a fork and set aside.

In a bowl, combine the steak strips with salt, black pepper, garlic powder, paprika, and cumin. Heat the olive oil in a large skillet over medium-high heat. When the oil is shimmering, add the steak strips spread in a single layer. Cook for 3–4 minutes per side, allowing the steak to brown nicely. Remove the steak from the pan and let it rest for 5 minutes before slicing thinly if needed.

In a small saucepan over low heat, warm the heavy cream until it’s steaming but not boiling. Add the cream cheese and stir until melted and smooth. Gradually add the shredded white cheddar and Monterey Jack cheeses, stirring constantly until the mixture is velvety and lump-free. Stir in the garlic powder and cayenne pepper (if using) for an extra touch of warmth. Keep the queso on the lowest heat setting, stirring occasionally.

Divide the cooked rice into serving bowls. Arrange steak strips over the rice, then drizzle generously with the warm queso sauce so it pools into every bite.

Add toppings like chopped cilantro, diced tomatoes, sliced jalapeño, and a dollop of sour cream for cooling creaminess. Serve immediately while the queso is warm and silky.