Place corncobs in a large pot. Add about 2 quarts of water. Simmer for 3 hours. Strain and reserve broth. Add bacon and 1 Tbsp olive oil to a soup pot over medium heat. Cook until bacon is golden brown. Remove bacon and set aside. Add chopped onion to the pot and cook for 10 minutes. Add garlic, chipotle pepper, cumin, coriander, and oregano. Cook 5 minutes. Add sherry and cook for an additional 2 minutes. Add potato, half the corn and enough broth to cover. Simmer until potatoes are soft, 20-30 minutes. Add cream and purée.
Add reserved bacon and 1 Tbsp olive oil to a large sauté pan over medium heat. Add diced onion and cook for 5 minutes. Add diced bell pepper and cook for an additional 5 minutes. Add corn and cook for 3 minutes. Add to puréed soup with the cilantro. Adjust seasoning.
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