Heat olive oil in a large pot over medium-high heat. Season beef with salt and pepper and sear on all sides until browned. Remove and set aside.
Add onions and garlic to the pot and sauté until soft, about 5 minutes. Stir in tomato paste and cook for another minute.
Add beef broth, dried chiles, smoked paprika, oregano, cumin, vinegar, and the cinnamon stick. Bring to a boil, then lower heat.
Return beef to the pot. Cover and simmer for 2½ to 3 hours, or until the beef is fork-tender.
Remove cinnamon stick. Shred the beef and strain the broth into a separate bowl for dipping (consume).
Heat a skillet over medium. Dip tortillas in the broth, then place in the skillet. Top one half with beef and cheese, then fold and cook until crispy.
Serve with extra broth for dipping and garnish with fresh cilantro and red onion.