Press 'SAUTE' button, and set it to 'NORMAL'. Once it displays 'HOT', add the bacon pieces, and saute until it turns crisp. Transfer on a plate lined with an absorbent paper kitchen napkin. Pour off the bacon grease leaving a tablespoon or two in the pot to saute the veggies.
Add diced onions along with minced garlic. Saute until the onions turn translucent. The onions will release enough moisture to deglaze the pot. But if it doesn’t, add about 1/4 cup of stock to deglaze the pot. It is essential to scrape off all the browned bits to avoid the ‘BURN’ error.
Next, add bell peppers. Mix and saute for 2 minutes. You can also add other veggies like carrots, celery, etc.
Add corn kernels, along with the diced potatoes. You can use an equivalent amount of frozen sweet corn too.
Add salt, pepper, smoked paprika, thyme sprigs or dried thyme. You can also add 2 bay leaves. Add 3 cups of vegetable stock or broth. Mix well.
Press 'CANCEL'. Close the lid of the Instant Pot. Set the valve to 'SEALING'. Pressure cook on high for 5 minutes. It will take some time for the pressure to build up (about 5 minutes), after which the timer will begin. Mix the cornstarch with the half-and-half and set it aside.
Let the pot depressurize for 5 minutes. Then do a quick release of any leftover pressure as per the manufacturer's instructions. Once the silver pin drops, turn the knob to 'VENTING' and open the lid away from you. Discard the bay leaves and thyme sprigs.
Press the 'CANCEL' button and turn on the 'SAUTE' button. Once the chowder begins to bubble, add the cornstarch slurry mixture (whisk it again before pouring as cornstarch settles down and keep stirring the soup until it thickens. Press 'CANCEL' to turn off the 'SAUTE' mode.
Add 1 cup of shredded cheddar cheese. Mix well until all the cheese has melted. Then add the remaining cup of cheese and the bacon (reserve a few tbsp for garnishing), stir it in until well combined and creamy. Check for seasoning and adjust with more salt and pepper as desired.
Dish out and serve fresh corn chowder topped with bacon bits, scallion greens, and more cheddar cheese if desired. Enjoy!