Step 1

Cook bacon in a large saucepan over medium heat until crisp, 8 to 9 minutes. Transfer the bacon to a paper towel-lined plate, reserving 1 Tbsp. drippings in the pan. Crumble the bacon and set aside.

Step 2

Add bell pepper, onion, and garlic to the pan; cook, stirring often, until browned and tender, 6 to 8 minutes. Transfer the bell pepper mixture to a medium bowl; set aside. Add corn, 2 Tbsp. water, and salt to the pan; cook, stirring often, until the corn is golden, 4 to 5 minutes. Stir in the remaining 1 Tbsp. water, scraping the bottom of the pan to loosen any browned bits.

Step 3

Return the bell pepper mixture to the pan. Stir in flour; cook, stirring constantly, for 1 minute. Stir in 1/4 cup broth and wine; cook, stirring constantly and scraping the bottom of the pan to loosen browned bits, for 1 minute. Stir in potatoes, the remaining 1 3/4 cups broth, and thyme. Cover and bring to a boil. Reduce heat to low and simmer until the potatoes are fork-tender, 15 to 18 minutes.

Step 4

Remove and discard the thyme sprigs. Transfer 2 cups of the soup to a blender. Remove center piece of lid (to let steam escape), secure the lid on the blender, and cover with a kitchen towel. Puree until smooth (use caution when blending hot liquids). Return the blended soup to the pan. Stir in half-and-half and butter. Divide between 4 bowls; sprinkle with pepper and garnish with the crumbled bacon and thyme leaves, if desired.