In a large pot or Dutch oven, heat over medium heat and add the ground beef and finely diced yellow onion. Cook for about 8-10 minutes, stirring occasionally, until the beef is browned, and the onion is soft.

Stir in the minced garlic and sauté for 1 additional minute, scraping any browned bits from the bottom of the pot.

Pour in the beef broth and add the diced Yukon Gold potatoes, along with paprika, kosher salt, and black pepper. Bring to a boil, then reduce heat and simmer for 15-20 minutes.

Gradually add the shredded mild cheddar cheese into the simmering soup, stirring continuously until melted.

Slowly pour in the heavy whipping cream while stirring to combine thoroughly. Heat for an additional 3-5 minutes.

In a small bowl, mix cornstarch and water to create a slurry. Gradually pour this into the soup while continuously stirring. Let simmer for another 2-3 minutes until thickened.

Ladle the soup into bowls, garnish with fresh chopped parsley and a sprinkle of extra cheese. Serve immediately.