In a large soup pot or Dutch oven, brown the ground beef over medium heat until fully cooked. Drain excess fat if desired.
Add the diced onion and minced garlic (or garlic powder) to the pot. Sauté for 2–3 minutes until fragrant.
Stir in the smoked paprika, onion powder, thyme, black pepper, and red pepper flakes. Bloom the spices for 1–2 minutes to release flavor.
Add the diced potatoes and beef broth. Stir well to combine. Bring to a boil, then reduce heat and simmer uncovered for 15–20 minutes, or until potatoes are fork-tender.
If a creamier soup is desired, stir in the milk or cream and simmer for another 5 minutes.
Taste and adjust salt, pepper, or heat as needed.
Serve hot, topped with shredded cheese, sour cream, or fresh parsley for extra flavor and texture.