On the Saute setting, cook chopped bacon until golden brown and crispy. Remove and place on paper towels, leaving the bacon fat behind.
Add the onion to the bacon fat and cook for about three minutes or until tender and transparent. Add garlic and cook for one additional minute.
Add the chicken broth, potatoes, salt and pepper to the instant pot.
Place the lid on the Instant Pot and move the valve to the “sealing” position. Cook under High Pressure for 3 minutes, with a 10 minute natural release.
Carefully remove the lid and stir in heavy cream.
Use an immersion blender, regular blender or food processor to blend about half of the soup until desired consistency is reached.
Serve soup topped with cheddar cheese, bacon, and chopped chives.
Notes
To make potato soup on the stovetop, prepare as directed but simmer for 30 minutes instead of pressure cooking. Continue the recipe as directed.
The potatoes will thicken the soup when you blend or mash them. But if you want it thicker, you can add a cornstarch slurry.