In a large pot, heat the olive oil over medium heat. Once hot, add the diced onion and sauté until softened, about 4-5 minutes.
Add the minced garlic and diced jalapeño to the pot, stirring for an additional 1-2 minutes until fragrant.
Stir in the black beans, corn, chicken or vegetable broth, diced tomatoes with green chilies, and taco seasoning. Bring to a simmer.
Cook for 10-12 minutes, allowing the flavors to meld together. Stir occasionally.
Reduce the heat to low, and stir in the shredded cheddar cheese and sour cream until melted and well combined. Adjust seasoning with salt and pepper to taste.
Serve the soup hot in bowls, topped with additional cheddar cheese, a dollop of sour cream, tortilla chips, and chopped cilantro.