Melt the butter in a stockpot over medium heat. Add the onions and jalapeños and cook until tender, about 5 minutes. Add the garlic and cook, stirring often, for 1 minute. Use a slotted spoon to remove the mixture from the pot and set aside.
Add the sausage to the pot, use a spoon to break it up, and cook, stirring often, until browned, about 10 minutes. Stir the onion mixture into the meat.
Add the cream cheese and continue cooking and stirring until the cream cheese is melted and blended with the meat mixture.
Stir in the broth, cumin, salt, and pepper. Bring to a boil, then reduce the heat to low and simmer for 30 minutes.
Add the shredded cheese to the pot and stir until melted. Remove the pot from the heat.
Serve garnished with bacon, shredded cheese, and sliced jalapeños.