Step 1

Using highest sauté function, cook bacon in the Instant Pot until browned and the fat is well rendered, 6 to 10 minutes. Using a slotted spoon, transfer bacon to a paper towel–lined plate.

Step 2

Add leeks, oil, and thyme to the fat left in the Instant Pot and cook, stirring occasionally, until leeks are softened and lightly browned, 7 to 10 minutes. Stir in water, scraping up any browned bits, then stir in potatoes, bay leaf, and salt.

Step 3

Lock lid into place and close pressure-release valve. Select high pressure-cook function and cook for 3 minutes.

Step 4

Turn off Instant Pot and quick-release pressure. Carefully remove lid, allowing steam to escape away from you.

Step 5

In a medium bowl, whisk milk, cornstarch, and pepper together. Whisk milk mixture and corn into potato mixture in the Instant Pot and cook, using highest sauté function, until liquid is slightly thickened, about 1 minute. Turn off the Instant Pot.

Step 6

Submerge cod in cooking liquid, partially cover the Instant Pot, and let sit until cod flakes apart when gently prodded with paring knife, 5 to 8 minutes. Discard bay leaf. Break up any remaining large pieces of cod.

Step 7

Season with salt and pepper to taste. Sprinkle individual portions with bacon and chives before serving.