Step 1: Preheat your oven to 350°F (175°C). Grease a large baking dish and set it aside.

Step 2: Cook the spaghetti according to package instructions until al dente. Drain the pasta and set it aside.

Step 3: In a large skillet, heat olive oil over medium heat. Add the onion, bell pepper, and garlic. Sauté until the vegetables are soft, about 5-7 minutes.

Step 4: Stir in the chili powder, cumin, and paprika, allowing the spices to toast lightly for about 30 seconds to release their flavors.

Step 5: Add the cream of chicken soup, diced tomatoes with green chilies, sour cream, and chicken broth to the skillet. Stir to combine, creating a smooth sauce. Let it simmer for 3-4 minutes.

Step 6: Stir in the cooked shredded chicken, Monterey Jack cheese, and cheddar cheese. Mix well until the cheese melts and the sauce is creamy and smooth.

Step 7: Add the cooked spaghetti to the skillet, tossing everything together until the pasta is evenly coated in the creamy sauce.

Step 8: Transfer the spaghetti mixture to the prepared baking dish. Sprinkle a generous layer of Monterey Jack cheese on top, along with optional bacon bits for added flavor and texture.

Step 9: Bake in the preheated oven for 20-25 minutes, or until the cheese is melted and bubbly. If you want a golden-brown top, broil for an additional 2-3 minutes, keeping a close eye to avoid burning.

Step 10: Remove from the oven and let it cool for a few minutes. Garnish with fresh cilantro if desired.