Heat olive oil in a large pan over medium heat. Cook and stir sausage, green bell pepper, and onion in the hot oil, breaking the sausage into small pieces, until sausage is browned, about 10 minutes.
Stir diced tomatoes with green chilies, beef broth, water, tomato soup, and Spanish rice mix into sausage mixture; bring to a boil, reduce heat, and simmer until rice is tender, 20 to 25 minutes. Stir cream cheese into soup until cheese melts, 3 to 5 minutes. Serve garnished with Colby-Jack cheese and a handful of tortilla chips.