1. Prepare the Corn (if using fresh): If using fresh corn, you can achieve a wonderful smoky flavor by charring it first. Heat a large skillet or grill pan over medium-high heat. Add the corn kernels (you might need to do this in batches) and cook, stirring occasionally, until they are lightly charred and blistered, about 5-7 minutes. Remove from heat and set aside. If using frozen corn, you can also lightly char it in a skillet, or simply thaw it. If using canned corn, drain it well.

2. Sauté Aromatics: In a large pot or Dutch oven, heat the olive oil over medium heat. Add the chopped onion and red bell pepper. Sauté for 5-7 minutes, or until softened and translucent.

3. Add Garlic and Jalapeño: Stir in the minced garlic and jalapeño (if using). Cook for another 1-2 minutes until fragrant, being careful not to burn the garlic.

4. Spice it Up: Add the chili powder, smoked paprika, and ground cumin to the pot. Stir well and cook for about 1 minute more, allowing the spices to toast and become aromatic. This step is crucial for developing deep flavors in your Mexican Street Corn Soup.

5. Combine Corn and Broth: Add the charred (or regular) corn kernels to the pot. Reserve about 1/2 cup of corn for garnish if desired. Pour in the vegetable broth. Stir everything together, ensuring the bottom of the pot is scraped to loosen any flavorful browned bits.

6. Simmer the Soup: Bring the soup to a gentle boil, then reduce the heat to low, cover, and simmer for 15-20 minutes. This allows the flavors to meld together beautifully.

7. Blend for Creaminess (Optional): For a creamier texture, you can blend a portion of the soup. Carefully transfer about 1/3 to 1/2 of the soup to a blender (ensure the blender lid is vented if the soup is hot, or use an immersion blender directly in the pot). Blend until smooth, then return the blended portion to the pot. Stir to combine. This step gives the soup a lovely creamy body while still retaining some whole corn kernels for texture. If you prefer a fully smooth soup, blend all of it. If you like it chunky, skip this step.

8. Add Creaminess and Freshness: If using heavy cream or coconut milk for extra richness, stir it in now. Add the chopped fresh cilantro and the juice of one lime. Stir well.

9. Season to Perfection: Taste the soup and adjust seasonings as needed. Add more salt, black pepper, or lime juice until the flavors are balanced to your liking. You might want a bit more chili powder for an extra kick.

10. Prepare the Topping: While the soup is simmering or just before serving, prepare the elote-style topping. In a small bowl, mix together the mayonnaise (or Greek yogurt), 1 tablespoon of lime juice, and half of the crumbled Cotija cheese.

11. Serve Hot: Ladle the hot Mexican Street Corn Soup into bowls. Swirl a spoonful of the Cotija-mayo mixture on top of each serving. Garnish generously with the remaining crumbled Cotija cheese, a sprinkle of chili powder, fresh cilantro, and the reserved corn kernels (if any). Serve immediately with extra lime wedges on the side for squeezing.