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

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

Add the diced potatoes to the pot along with the chicken or vegetable broth. Mix in the dried thyme, smoked paprika, salt, and pepper. Bring the mixture to a boil, then reduce heat to a simmer. Let it cook for 15 to 20 minutes until the potatoes are fork-tender.

Once the potatoes are tender, use an immersion blender to make the soup smooth or slightly chunky, depending on your preference.

Stir in the heavy cream, shredded cheddar cheese, and sour cream. Continue to cook over low heat until the cheese melts and the soup is heated through, around 5 minutes.

Taste and adjust seasoning if needed.

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