Place a small skillet over medium-high heat with 2 turns of the pan of EVOO, about 2 tablespoons. Add the red onion, garlic, cumin, oregano, coriander, cinnamon, some salt and pepper to the pan and cook until the veggies are tender and spices are aromatic, 3-4 minutes. Remove the skillet from the heat and let the veggies cool.
In a large mixing bowl, beat the egg with the cream. Tear up the piece of bread and add it or the breadcrumbs to the egg. Let soak until the bread is saturated, about 1 minute. Add the cooled veggies to the bowl along with the sirloin, chorizo, some salt and pepper. Combine the mixture with your hands and form into 1-inch balls.
For the sauce, place a large pot over medium-high heat with 3 tablespoons EVOO, about 3 turns of the pan. Add the chopped onion, carrots and jalapeos to the pan, and cook until tender, 5-6 minutes. Transfer the mixture to a food processor and puree with the tomatoes. Return the mixture to the pot and add the chicken stock and chili powder. Bring up to a bubble and add in the meatballs. Reduce the heat to medium and simmer until the meatballs are cooked through, about 10 minutes.
Serve the soup garnished with the lime juice, some cilantro, scallions, sour cream and crushed tortilla chips.