In a large pot, heat 2 tablespoons of olive oil over medium heat. Add 1 diced onion and sauté for about 5-7 minutes, or until the onion is soft and translucent. Stir in 3 cloves of minced garlic and cook for an additional 1 minute, until fragrant.

Add 4 diced russet potatoes and 6 cups of vegetable or chicken broth. Season with 1 teaspoon of dried thyme, ½ teaspoon of smoked paprika, and salt and pepper to taste. Bring to a boil, then reduce heat and let simmer for 15-20 minutes, or until potatoes are fork-tender.

Blend the soup until smooth and creamy using an immersion blender; alternatively, transfer to a countertop blender in batches.

Return the blended soup to low heat and stir in 1 cup of heavy cream, 1 cup of sharp cheddar cheese, and ½ cup of sour cream. Heat gently for about 5 minutes, stirring continuously until the cheese is melted.

Ladle into bowls and top with crumbled bacon, extra cheddar cheese, and chopped green onions.