Begin by heating 2 tablespoons of olive oil in a large pot over medium heat. Add 1 finely chopped onion and sauté for 5 to 7 minutes until softened and translucent. Then, add 2 minced garlic cloves, cooking for an additional minute until fragrant.

Incorporate 4 diced russet potatoes into the pot, then pour in 4 cups of chicken or vegetable broth, followed by 1 teaspoon of dried thyme and 1 teaspoon of smoked paprika. Stir well and bring to a boil before reducing heat to low. Let it simmer for 15 to 20 minutes, until the potatoes are fork-tender.

Once the potatoes are tender, remove the pot from heat. Using an immersion blender, carefully blend the soup to your desired level of creaminess. If you prefer a chunkier texture, blend only half of the soup.

Return the pot to low heat and stir in 1 cup of heavy cream, 1 cup of shredded sharp cheddar cheese, and ½ cup of sour cream. Keep stirring until the cheese melts completely.

Ladle generous portions into bowls and top with crumbled bacon, additional shredded cheese, and sliced green onions for freshness.