Heat 1 tablespoon neutral oil in a large skillet over medium-high heat until shimmering. Add lean ground beef, diced yellow onion, garlic powder, ½ teaspoon of the kosher salt, and ¼ teaspoon of the black pepper. Cook, breaking up the meat into medium pieces, until browned and cooked through, 6 to 8 minutes.

Stir in halved baby gold potatoes, fresh thyme leaves, paprika, the remaining kosher salt, and black pepper.

Stir in low-sodium beef broth and heavy cream; bring to a simmer. Reduce the heat to medium, cover, and cook for 10 minutes. Uncover and stir. Continue to cook uncovered, reducing the heat to medium-low if the pan begins to look dry, until the potatoes are tender, 10 to 15 minutes more.

Stir in shredded sharp cheddar cheese until melted. Taste and season with more kosher salt as needed. Garnish with more fresh thyme leaves and black pepper if desired.