Coat a medium saucepan with cooking spray; place over medium-high heat until hot. Add chopped green pepper and onion; sauté 5 minutes or until tender. Stir in broth and next 3 ingredients. Bring to a boil; reduce heat, and simmer, uncovered, 6 to 8 minutes or until potato is tender.
Combine cornstarch and milk, stirring until smooth; gradually add to potato mixture, stirring constantly. Stir in corn and diced pimiento; bring to a boil over medium heat, stirring constantly. Cook, stirring constantly, 1 minute or until mixture is thickened. Sprinkle each serving evenly with bacon crumbles. Serve immediately.