In a large pot, heat olive oil over medium heat. Add diced onion and minced garlic. Sauté for 3-4 minutes until the onion is translucent.

Add ground beef, breaking it into small crumbles. Sauté for 5-7 minutes until browned and no pink remains. Drain excess grease.

Stir in diced potatoes and chicken broth. Bring to a boil for 5 minutes. Reduce heat and simmer uncovered for 15-20 minutes until potatoes are fork-tender.

Lower heat and stir in milk and heavy cream until well combined, ensuring the soup does not boil.

Gradually stir in cheddar cheese until melted and soup is smooth and creamy.

Season with salt and pepper. Simmer for an additional 5-10 minutes to allow flavors to meld.

Ladle soup into bowls and garnish with shredded cheese, crispy bacon, or green onions. Serve hot.