In a large skillet, cook bacon over medium heat until crisp, stirring occasionally. Remove with a slotted spoon; drain on paper towels. Discard drippings, reserving 1-1/2 teaspoons in pan. Add onion to drippings; cook and stir over medium-high heat until tender., Meanwhile, place potatoes in a large saucepan; add water to cover. Bring to a boil over high heat. Reduce heat to medium; cook, uncovered, 10-15 minutes or until tender. Drain, reserving 1 cup potato water., Add corn, milk, salt, pepper, potatoes and reserved potato water to saucepan; heat through. Stir in bacon and onion.