Heat 1 tablespoon olive oil in a large pot over medium-high heat. Add 2 pounds seasoned ground sausage and cook until browned, breaking it apart as it cooks. Use a slotted spoon to remove sausage and set aside, leaving about 2 tablespoons of drippings in the pot.
Add 1 diced onion to the pot and cook for 3–4 minutes until softened. Stir in 2 cloves minced garlic and cook for 1 more minute.
Add 2 tablespoons Italian seasoning, 1 teaspoon salt, 1 teaspoon ground black pepper, and 1 teaspoon garlic powder. Stir and cook for 30 seconds to bloom the flavor.
Stir in 2 (15.5 oz) cans drained and rinsed great northern beans and 1 (10 oz) can diced tomatoes with green chilies. Pour in 32 oz beef broth, scraping up any browned bits from the bottom of the pot.
Return the cooked sausage to the pot. Bring to a gentle boil, then reduce heat to low and simmer uncovered for 15–20 minutes to deepen the flavor and slightly thicken the soup.
Add 8 oz cubed cream cheese and stir until fully melted and the soup becomes thick and creamy. Taste and adjust seasoning if needed. After the cream cheese is melted and the soup is thick and creamy, stir in 1 cup shredded cheddar cheese until melted and fully incorporated.
Serve warm and enjoy!