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

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

Add diced potatoes to the pot along with chicken or vegetable broth. Stir in dried thyme, smoked paprika, salt, and pepper.

Bring to a boil, then reduce heat to a simmer and cook for 15 to 20 minutes until potatoes are fork-tender.

Once potatoes are tender, use an immersion blender to achieve a smooth or slightly chunky texture as preferred or carefully transfer soup in batches to a stand blender and blend until smooth.

Stir in heavy cream, shredded cheddar cheese, and sour cream. Continue cooking over low heat until cheese melts and soup is heated through, around 5 minutes. Taste and adjust seasoning if necessary.

Ladle soup into serving bowls and top each portion with crumbled bacon, additional shredded cheese, and chopped green onions before serving.