Heat olive oil in a large skillet or Dutch oven over medium-high heat. Add ground beef and cook, breaking it apart with a spoon, until browned and no longer pink, about 6-8 minutes. Drain any excess fat.

Add the diced yellow onion to the skillet with the beef. Cook until softened, about 3-4 minutes. Add the minced garlic and cook for another minute until fragrant.

Stir in the chili powder, cumin, smoked paprika, dried oregano, cayenne pepper (if using), salt, and black pepper. Cook for 1 minute, stirring constantly, until fragrant.

Pour in the beef broth, diced tomatoes (undrained), tomato sauce, and diced green chilies (undrained). Bring the mixture to a simmer. Add the uncooked elbow macaroni, stir well to submerge the pasta.

Reduce heat to medium-low, cover, and simmer for 12-15 minutes, stirring occasionally to prevent sticking, or until the pasta is tender and most of the liquid has been absorbed. If the mixture seems too dry before the pasta is cooked, add a splash more broth or water.

Remove from heat. Stir in the milk and 1 cup of shredded cheese until melted and creamy.

Ladle the creamy taco pasta into bowls. Garnish with fresh chopped cilantro, a dollop of sour cream, and sliced jalapeños if desired. Serve immediately with lime wedges on the side.