Heat olive oil in a large pot over medium heat.
Add the chopped onion and sauté for 3-4 minutes until softened and translucent.
Add the minced garlic and cook for 1 minute until fragrant.
Stir in sweet paprika, smoked paprika, cayenne pepper, salt, and black pepper. Cook for 30 seconds to toast the spices.
Add the elbow macaroni pasta to the pot and stir to coat with the spices and onion mixture.
Pour in the vegetable broth and whole milk. Stir to combine.
Bring the mixture to a boil, then reduce heat to medium-low and simmer uncovered for 12-15 minutes, stirring occasionally, until the pasta is tender and most of the liquid is absorbed.
Remove the pot from heat and stir in the shredded cheddar cheese and sour cream until creamy and well combined.
Taste and adjust seasoning with additional salt and pepper if needed.
Serve immediately, garnished with extra paprika or chopped fresh parsley if desired.