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I have read Indian nationals with US visa get on-arrival UAE visa for 14 days. Do I need to apply for that after landing at Dubai airport instead of a transit visa?
You can get visa-on-arrival based on US visa. It costs AED 120 ($33) and is instant. This will allow you to exit through passport control and collect your bags, which you will need to check in again for the next flight.
Do I need to apply for transit visa in this case?
No harm in checking out this option. I believe it is free but do check if it allows you to 'leave' the airport (which you will need to do to collect bags) or keeps you restricted to the transit area of the airport.
Also will I be able to get the boarding pass at transfer counter for SpiceJet flight? and can they transfer my luggage if requested?
You should be able to get the boarding pass at SpiceJet counter, but I dont think luggage transfer is possible because your tickets are under separate PNRs.