In a large pot, heat the vegetable oil over medium heat. Add the onion, celery, and carrots, and cook until the vegetables are softened, about 5 minutes.
Stir in the minced garlic and cook for another minute until fragrant.
Pour in the chicken broth and hot sauce, and bring the mixture to a simmer.
Add the shredded chicken, thyme, and garlic powder to the pot. Continue to simmer for about 15 minutes, allowing the flavors to meld together.
Reduce the heat to low and stir in the cream cheese and shredded cheddar cheese. Cook, stirring frequently, until the cheeses are completely melted and the soup is creamy.