Preheat oven to 375°F; grease 9x13 dish. Boil spaghetti 1 min shy of package directions; reserve 1/2 cup pasta water, drain.
Melt butter; sauté onion and bell pepper 5-6 min; add garlic 30 seconds.
Sprinkle flour over vegetables, stir 1-2 min to make roux.
Whisk in warmed milk then broth; simmer 3-4 min until thickened.
Reduce heat; melt in cream cheese, then 1 cup cheddar.
Stir in Rotel with liquid, chili powder, garlic powder, onion powder, paprika, salt, pepper.
Toss spaghetti and chicken in sauce; loosen with pasta water if needed.
Transfer to baking dish; top with remaining 1 cup cheddar; bake 25-30 min until golden and bubbling.
Rest 10 min; garnish with parsley or green onions; serve hot.