Heat olive oil in a large pot over medium heat. Add onion and garlic, cooking until softened.
Add shredded chicken, chicken broth, heavy cream, cream cheese, and spices to the pot. Stir until cream cheese is melted and mixture is smooth.
Add diced green chiles and shredded Monterey Jack cheese. Stir until cheese is melted and the chili is creamy.
Season with salt and pepper to taste. Simmer on low for 15-20 minutes to blend flavors.
Serve hot, garnished with fresh cilantro if desired.