Heat a large pot over medium heat. Add ground beef and cook until browned, about 5 to 7 minutes. Drain excess fat.
Add chopped onion and minced garlic. Sauté for about 5 minutes until onion is translucent.
Stir in black beans and corn, then add diced tomatoes with green chilies. Mix well.
Add cream of mushroom soup and beef broth. Stir well, then add chili powder, cumin, salt, and pepper. Bring to a gentle simmer and cook for about 15 minutes.
Reduce heat to low and stir in heavy cream. Heat through for another 5 minutes. Serve hot, topped with shredded cheddar cheese and fresh cilantro if desired.