Cook the elbow macaroni according to package instructions until al dente. Drain and set aside.
In a large skillet, heat the olive oil over medium heat. Add the shrimp and cook for about 3-4 minutes, or until they are pink and opaque. Remove from skillet and set aside.
In the same skillet, melt the butter and add the minced garlic. Sauté for about 1 minute until fragrant.
Whisk in the flour and cook for another minute to make a roux.
Gradually add the milk and heavy cream, whisking constantly to avoid lumps. Continue to cook until the mixture thickens (about 5-7 minutes).
Stir in the sharp cheddar, mozzarella, and Parmesan cheese until melted and smooth. Season with paprika, salt, and pepper.
Combine the cooked macaroni and shrimp with the cheese sauce, mixing well to ensure everything is coated.
Transfer the mixture to a greased baking dish. If desired, sprinkle breadcrumbs on top for added crunch.
Bake in the preheated oven for about 15-20 minutes, or until the top is golden and bubbly.
Remove from the oven and let it cool for a few minutes before serving. Garnish with fresh parsley, if desired.