In a medium skillet on the stove-top, cook the diced bacon, stirring with a wooden spoon, until crispy. Drain bacon on a paper towel lined plate and set aside.
In the same pan, melt the butter and saute the garlic, onion, bell pepper, canned jalapeno peppers, cumin, salt, black pepper and paprika until the onions are softened and translucent.
Transfer the onion mixture into a 6 quart or larger slow cooker and add the chicken breasts and chicken broth.
Cover slow cooker and cook on LOW for 6 to 7 hours or on HIGH for 3 to 4 hours.
Remove cooked chicken from the slow cooker and shred the meat with two forks. Return shredded chicken back into the slow cooker.
Add the softened cream cheese, heavy whipping cream, 3/4 cup Monterey Jack cheese, 3/4 cup cheddar cheese and 3/4 of the cooked bacon stirring until the cheese melt.
Sprinkle the xanthan gum over the top of the soup and cook uncovered for 15 to 20 minutes on HIGH to thicken the soup. Stir one final time before serving.
Ladle the soup into bowls and top each bowl with the reserved cheeses, cooked bacon and diced fresh jalapenos as a garnish and enjoy!