Bring a large pot of salted water to a boil. Add the pasta and cook until al dente, according to package directions, about 10-12 minutes. Reserve ½ cup of the pasta water, then drain the pasta and set it aside.
To a large skillet over medium heat, add olive oil. Once hot and shimmering, add the ground beef and diced onion. Cook, stirring occasionally, until the beef is browned and the onion is softened, 8-10 minutes. Drain excess grease, if needed.
Stir in the minced garlic and tomato paste. Cook for about 1 minute, stirring constantly.
Pour in the Rotel tomatoes (with juices), beef broth, and Worcestershire sauce. Then add the chili powder, paprika, and salt. Stir well and bring the mixture to a simmer.
Let simmer, uncovered, for about 10 minutes, until the sauce is slightly thickened.
Reduce heat to low. Stir in the heavy cream and softened cream cheese, mixing until the sauce is smooth and creamy.
Add the shredded cheddar and pepper jack cheeses, stirring until fully melted and incorporated into the sauce.
Add the cooked pasta to the skillet. Toss to coat the pasta in the sauce. If the sauce is too thick, add reserved pasta water, a tablespoon at a time, until it reaches your desired consistency.
Serve warm, garnished with chopped fresh parsley, freshly diced tomatoes, and diced jalapeños.