Heat olive oil in a large pot over medium heat. Add diced onion and sauté for about 5 to 7 minutes until soft and translucent.

Stir in minced garlic and cook for 1 minute until fragrant.

Toss in the diced potatoes along with the broth. Add dried thyme, smoked paprika, salt, and pepper. Bring to a boil, then reduce the heat to a simmer and cook for 15 to 20 minutes until the potatoes are fork-tender.

Once tender, use an immersion blender to achieve your preferred soup texture—smooth or slightly chunky.

Stir in heavy cream, shredded cheddar cheese, and sour cream. Keep cooking over low heat until the cheese melts and the soup is heated through, about 5 minutes.

Taste and adjust seasoning if needed.

Ladle the soup into bowls. Top each with crumbled bacon, extra shredded cheese, and chopped green onions before serving.