Set the instant pot to saute mode and add 1 tablespoon of olive oil. When it’s hot, add the sliced bacon and cook for 6-8 minutes, or until crisp, then remove the bacon to a paper towel to top the corn chowder at the end.
Use the bacon fat to cook the vegetables. Add the yellow onion, celery and bell pepper and cook, stirring frequently for 3-4 minutes, until soft and the onion is translucent. Sprinkle in the garlic and cook for another 1-2 minutes until fragrant. Add in the corn, diced potatoes, salt, pepper and smoked paprika and stir until combined the press cancel to stop the saute function.
Pour in the chicken stock or vegetable broth and stir quickly to combine then close the lid, turn the vent to the sealing position and pressure cook (manual cook) on high for 10 minutes. It will take 5-10 minutes for the Instant Pot to come to pressure then start counting down. When the time is up, carefully quick release the Instant Pot by turning the vent to the venting position to let all the steam out quickly.
Carefully transfer half of the soup to a high speed blender and blend until completely smooth. You could also use an immersion blender to blend half of the soup to your desired consistency. If it’s in a blender, pour the soup back into the Instant Pot with the cheese (or nutritional yeast) and heavy cream (or coconut cream). Stir in the chopped basil.
Serve with more fresh basil, crisp bacon, extra corn kernels and fresh cracked black pepper.