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Turn the pressure cooker to SAUTÉ mode and cook bacon until crisp. Use a slotted spoon to remove bacon to a paper towel lined plate and set aside. Drain all but 2 tbsp of grease from pot and discard.
To the pot, add in the onion and bell pepper and cook, scraping the bottom of the pan to remove any browned bits, for about 2 minutes, until peppers and onions are tender.
Add in the garlic and thyme and cook until fragrant, about 30 seconds.
Pour in the chicken broth, diced potatoes, half of the cooked bacon, as well as all but 1 cup of corn kernels. (reserve 1 cup of corn kernels for later). Stir and season with salt and pepper. Place on lid and turn off Sauté mode, and turn on HIGH pressure for 6 minutes. Make sure valve is set to sealed position.
Once finished cooking, release pressure quickly by turning the valve to the open position and allowing all the steam to escape. Remove lid and turn the pot back to Sauté mode. Add in the reserved 1 cup of corn.
Whisk together the half and half with the flour until there are no clumps, then pour into the soup, stirring and cooking for about 4 minutes, until soup is thickened. Taste and season with more salt and pepper if desired.
Serve chowder with reserved bacon on top and fresh parsley if desired. Enjoy!