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Set Instant Pot to SAUTÉ.
Add diced bacon to the Instant Pot and cook for 3 to 4 minutes, or until cooked to a crisp. Using a slotted spoon, remove bacon from the pot and set aside for later.
Add diced onions to the bacon fat inside the Instant Pot and cook for 2 minutes; stir in garlic and cook for 20 seconds.
Slowly add in the chicken broth and stir to get all the browned bits from the bottom.
Add potatoes, corn, thyme, salt, pepper and bay leaf.
Cover and lock lid into place.
Pressure Cook on HIGH for 15 minutes.
Do a quick release.
Remove cover and discard bay leaf.
Set Instant Pot back to SAUTÉ.
In a mixing bowl, whisk together half-and-half & cornstarch.
Stir half-and-half mixture into soup.
Continue to cook for 5 minutes, or until thickened.
Stir in cheese and half of the bacon; heat through until cheese is melted.
Divide into soup bowls and garnish with remaining bacon, a sprinkle of shredded cheese, green onions and parsley.
Serve and enjoy!