Heat the olive oil in a large pot over medium heat. Add the chopped onion and garlic, cooking until the onion becomes translucent (about 3-4 minutes).
Stir in the chopped red and green bell peppers, cumin, chili powder, and smoked paprika. Cook for another 5 minutes, until vegetables are softened.
Pour in the chicken broth and add the shredded chicken, diced tomatoes with green chilies, black beans, and corn. Stir to combine.
Bring the soup to a boil, then reduce heat and let it simmer for 20 minutes. Season with salt and pepper to taste.
In serving bowls, ladle the soup and top with tortilla chips, diced avocado, shredded cheese, and chopped cilantro if desired. Serve with lime wedges on the side.
For convenience, you can use store-bought rotisserie chicken to save time.
Feel free to customize the toppings based on your preference; jalapeƱos, sour cream, or sliced radishes would also be great additions!
Leftover soup can be stored in the refrigerator for up to 3 days.