Place the ground beef and diced yellow onion in a large pot or Dutch oven over medium heat. Cook for 8-10 minutes, breaking the beef apart as it browns, until the beef is fully cooked and the onion is softened. Drain any excess grease.

Add the minced garlic and cook with the beef and onion mixture for 1 minute.

Pour in the beef broth and add the diced Yukon Gold potatoes, paprika, kosher salt, and black pepper. Bring the soup to a boil, then lower the heat to medium-low and simmer for 15-20 minutes, until the potatoes are fork-tender.

Add the shredded cheddar cheese gradually, stirring continuously between additions until all of the cheese has melted into the soup.

Pour in the heavy whipping cream and heat for 3-5 minutes.

In a small bowl, whisk together the cornstarch and water. Slowly incorporate the slurry into the soup, then simmer for 2-3 minutes while stirring continuously, until thickened.

Serve the soup hot and finish with chopped parsley and additional shredded cheddar cheese.