In a medium saucepan, bring 2 cups of beef broth to a boil over medium heat. Add 1 tablespoon of butter, 1 teaspoon of salt, 1 teaspoon of garlic powder, and 1 teaspoon of smoked paprika, stirring to combine. Pour in 1 cup of rice, cover tightly, and lower the heat to a simmer. Cook for 15-18 minutes until the rice absorbs all the liquid, then fluff with a fork and set aside.

Season 1 pound of steak strips with salt and pepper in a bowl. Heat 2 tablespoons of olive oil in a skillet over medium-high heat. Add the steak strips and cook for 3-4 minutes per side until browned. Remove and let rest for 5 minutes.

In a small saucepan, heat 1 cup of heavy cream until warm. Stir in 4 ounces of cream cheese until melted. Add 1 cup of cheddar cheese and 1 cup of Monterey Jack cheese, mixing until melted. Sprinkle in 1 teaspoon of garlic powder and adjust seasoning.

Divide the cooked rice among bowls. Top with sliced steak and drizzle with queso sauce. Add optional toppings: cilantro, diced tomatoes, jalapeños, and sour cream. Serve immediately.