Heat the olive oil in a large skillet over medium-high heat.

Season the chicken breasts on both sides with garlic powder, onion powder, ground cumin, smoked paprika, salt, and pepper.

Place the chicken into the skillet and sear for 2-3 minutes per side, until golden brown. Remove the chicken and set aside.

Reduce the heat to medium and add the canned green chilies, heavy cream, and chicken broth to the skillet. Stir to combine and bring the mixture to a simmer.

Return the chicken breasts to the skillet, nestling them into the sauce. Cover the skillet and cook for 10-12 minutes, or until the chicken is fully cooked and reaches an internal temperature of 165°F (74°C).

Sprinkle the shredded Monterey Jack cheese evenly over the chicken and sauce. Cover the skillet again and cook for another 2-3 minutes, or until the cheese is melted and bubbly.

Remove from heat and garnish with chopped fresh cilantro, if desired. Serve warm.