In a large pot, heat olive oil over medium heat. Add diced onion and sauté for 5-7 minutes until soft and translucent.

Stir in minced garlic and cook for an additional minute until fragrant.

Add diced russet potatoes and broth to the pot. Sprinkle in thyme, smoked paprika, and salt and pepper to taste. Stir well and bring to a boil.

Once boiling, reduce heat to low and let the soup simmer for 15-20 minutes until potatoes are fork-tender.

Use an immersion blender to puree the soup until smooth, or blend in batches if using a stand blender.

Stir in heavy cream, shredded cheddar cheese, and sour cream. Continue cooking on low until the cheese melts.

Ladle the soup into bowls and top with crumbled bacon, additional cheese, and sliced green onions.