In a large pot or Dutch oven, heat over medium heat. Add ground beef and diced yellow onion, stirring often to break the beef apart. Cook until the beef is fully browned and the onion is translucent, about 8-10 minutes. Drain excess grease.

Add minced garlic to the pot. Sauté for an additional minute until fragrant.

Pour in beef broth, scraping up flavorful bits from the bottom. Add peeled and diced Yukon Gold potatoes, paprika, kosher salt, and black pepper. Bring to a boil, then reduce heat to medium-low and simmer for 15-20 minutes until potatoes are fork-tender.

Gradually stir in shredded mild cheddar cheese, stirring continuously until melted and integrated.

Pour in heavy whipping cream, stir well to combine, and heat through for another 3-5 minutes.

In a small bowl, whisk together cornstarch with water. Slowly pour this into the simmering soup while stirring constantly. Let simmer for another 2-3 minutes until thickened.

Ladle the soup into bowls and top with chopped parsley and an extra sprinkle of cheddar cheese if desired.