In a soup pot over medium-low heat, melt the butter then sauté the yellow onions and red bell peppers, for 2 to 3 minutes.
Add the jalapeño peppers and garlic. Continue sautéing for an additional 2 minutes, stirring often.
Add the corn and continue cooking, stirring often, for 2 minutes.
Sprinkle the vegetables with the flour and continue cooking for 2 to 3 additional minutes or until the vegetables are cooked through.
Increase the heat to medium and add the chicken broth, milk, cooked chicken, and cannellini beans. Allow the soup to simmer then add the chili powder, salt, black pepper, garlic powder, and onion powder. Continue simmering for approximately 15 minutes, stirring occasionally.
Add the cream cheese to the soup pot and melt the cheese into the soup, whisking or stirring to combine (room temperature cream cheese works best here.)
Remove the soup from the heat, ladle the soup into bowls, and top the soup with shredded cheddar cheese while the soup is warm (to allow the cheese to slightly melt.) Sprinkle with crushed bacon (optional). Serve.
Want it spicier? Try the recipe with serrano peppers instead of jalapeños. Their Scoville heat rating (10,000 - 23,000 SHU) is twice that of the jalapeño (2,500 - 8,000 SHU), so you'll typically get twice the heat.