In a large pot, heat 2 tablespoons of olive oil over medium heat. Once the oil shimmers, add 1 diced onion and sauté for 5-7 minutes until translucent.

Stir in 3 minced garlic cloves and cook for 1 minute. Then, add 4 diced russet potatoes, stirring to mix everything well.

Pour in 4 cups of chicken or vegetable broth, followed by 1 teaspoon of dried thyme and 1 teaspoon of smoked paprika. Add salt and pepper to taste. Bring to a boil, then reduce heat to low, cover, and simmer for 15-20 minutes until potatoes are fork-tender.

Use an immersion blender to puree the soup to your desired consistency. If using a countertop blender, carefully transfer in batches, being cautious of the hot soup.

Return the blended soup to the pot over low heat. Stir in 1 cup of heavy cream and 1 cup of shredded sharp cheddar cheese. Cook for an additional 5 minutes until the cheese melts.

Stir in 1/2 cup of sour cream. Ladle the soup into bowls and top with crispy bacon, more cheese, and chopped green onions.