Season steak strips with salt, pepper, cumin, chili powder, paprika, garlic powder, and onion powder. Let sit for 15 minutes at room temperature.

Heat olive oil in a large skillet or Dutch oven over medium-high heat. Add seasoned steak strips and cook for 3-4 minutes per side until nicely browned. Remove steak and set aside.

In the same pan, add diced onion and bell pepper. Cook for 3-4 minutes until softened. Add minced garlic and cook for another minute until fragrant.

Add rice to the pan and toast for 2-3 minutes, stirring frequently to coat with the vegetable mixture and pan drippings.

Pour in beef broth gradually, stirring well. Bring to a boil, then reduce heat to low, cover, and simmer for 18-20 minutes until rice is tender and liquid is absorbed.

While rice cooks, prepare the queso sauce. In a medium saucepan, heat heavy cream over medium-low heat. Gradually add cubed American cheese, stirring constantly until melted and smooth.

Add shredded cheddar cheese to the cream mixture, continuing to stir until completely melted and creamy. Season with salt and pepper to taste.

Once rice is cooked, stir in butter and return the cooked steak strips to the pan, mixing gently to distribute evenly.

Pour the warm queso sauce over the steak and rice mixture, stirring carefully to coat everything evenly.

Top with diced tomatoes and fresh cilantro before serving immediately while hot.