In a large pot, heat 2 tablespoons of olive oil over medium heat until shimmering. Add the diced onion and sauté for 5-7 minutes until soft and translucent. Stir in the minced garlic and cook for an additional minute.

Incorporate the peeled and diced russet potatoes and broth. Season with salt, black pepper, dried thyme, and smoked paprika. Bring to a boil, then reduce the heat and let it simmer for 15-20 minutes or until the potatoes are tender.

Blend the soup using an immersion blender until reaching your desired consistency—smooth or slightly chunky.

Stir in the heavy cream, shredded cheddar cheese, and sour cream. Return to low heat, stirring gently until the cheese melts and the soup is heated through.

Ladle the hot soup into bowls and garnish with crumbled bacon, extra cheese, and chopped green onions. Serve hot.