Cook bacon in a large Dutch oven over medium heat until crisp. Remove bacon from pan; crumble. Add onion to drippings in pan; cook 8 minutes or until tender, stirring occasionally. Add corn, chopped thyme, and garlic to pan; cook 30 seconds, stirring constantly. Stir in broth, milk, half-and-half, and potatoes; bring to a simmer. Cover and cook 10 minutes or until potatoes are tender, stirring occasionally.
Transfer 2 cups potato mixture to a blender. Remove center piece of blender lid (to allow steam to escape); secure blender lid on blender. Place a clean towel over opening in blender lid (to avoid splatters). Blend until smooth; return pureed mixture to pan. Stir in salt and black pepper; sprinkle with crumbled bacon. Garnish with thyme sprigs, if desired.