Heat the olive oil in a large pot or Dutch oven over medium heat.

Add the diced chorizo and cook, stirring occasionally, until browned and crispy, about 5-7 minutes. Remove the chorizo from the pot with a slotted spoon and set aside, leaving the rendered fat in the pot.

Add the chopped onion and red bell pepper to the pot and cook in the chorizo fat until softened, about 5-7 minutes. Add the minced garlic and cook for another minute until fragrant.

Stir in the smoked paprika, sweet paprika, hot paprika (or cayenne pepper), oregano, and cumin. Cook for 1 minute more, stirring constantly, until fragrant.

Add the cubed potatoes, chicken broth, and diced tomatoes (with their juices) to the pot. Bring to a boil, then reduce heat and simmer for 15-20 minutes, or until the potatoes are tender.

If you prefer a smoother soup, use an immersion blender to partially blend the soup. Be careful not to over-blend; you want some chunks of potato remaining for texture. Alternatively, you can remove about 2 cups of the soup and blend it in a regular blender before returning it to the pot.

Stir the cooked chorizo back into the soup. If using, stir in the heavy cream.

Season with salt and black pepper to taste. If desired, add a splash of sherry vinegar or lemon juice to brighten the flavors.

Ladle the soup into bowls and garnish with fresh cilantro or parsley. Serve hot.