Cook the Bacon: In a large pot, cook bacon over medium heat until crispy. Remove and set aside, leaving 2 tablespoons of drippings in the pot.

Sauté Vegetables: Add onion to the pot and cook until softened, about 5 minutes. Add garlic and cook for 1 minute.

Add Potatoes and Broth: Add potatoes, broth, and thyme. Bring to a boil, then reduce heat and simmer for 15-20 minutes until potatoes are tender.

Blend the Soup: Use an immersion blender to blend until smooth, or blend half the soup for a chunkier texture.

Stir in Cream: Stir in heavy cream and season with salt and pepper to taste. Heat through for 5 minutes.

Serve: Ladle into bowls and top with bacon, green onions, and cheddar cheese.