Cook the Bacon: In a large pot or Dutch oven, cook chopped bacon over medium heat until crisp. Remove bacon with a slotted spoon and set aside, leaving bacon fat in the pot.
Sauté Vegetables: Add butter and diced onion to the bacon fat and sauté until translucent, about 5 minutes. Add garlic and cook for another minute until fragrant.
Cook the Corn: Stir in corn and thyme, and cook for 3–4 minutes. Add the chicken or vegetable broth and bring to a simmer. Cook for 10–12 minutes until the corn is tender.
Blend the Soup: For a creamy texture, partially blend the soup using an immersion blender or transfer half of the soup to a blender. Blend until smooth, then return to the pot.
Add Cream and Seasoning: Stir in heavy cream and season with salt and pepper. Heat gently over low heat until warmed through. Stir in half of the cooked bacon for extra flavor.