In a large pot or Dutch oven, brown the ground beef over medium heat, breaking it up with a wooden spoon. Cook until fully browned, about 5-7 minutes. Drain any excess fat.
Add the chopped onion and minced garlic to the pot. Sauté for about 3-4 minutes until the onion is translucent.
Stir in the diced potatoes, beef broth, salt, pepper, paprika, and thyme. Bring the mixture to a boil.
Once boiling, reduce the heat to low and cover the pot. Simmer for 15-20 minutes or until the potatoes are tender.
Stir in the milk and shredded cheddar cheese, mixing until the cheese is melted and the soup is creamy. Adjust seasoning if necessary.
Serve the soup hot, topped with optional sour cream, green onions, or additional cheese if desired. Enjoy!
For a spicier version, consider adding diced jalapeños or a dash of hot sauce.
This soup can be refrigerated for up to 3 days or frozen for up to 3 months. When reheating, you may need to add a splash of milk for the desired consistency.