In a large pot, heat a drizzle of olive oil over medium heat. Add the chopped onion and garlic, sautéing until soft and fragrant, about 3-4 minutes.
Add the diced potatoes to the pot and stir to combine with the onion and garlic. Cook for an additional 2-3 minutes.
Pour in the vegetable broth, making sure the potatoes are fully submerged. Bring the mixture to a boil, then reduce heat to a simmer. Cook for 15-20 minutes, or until the potatoes are tender.
Once the potatoes are cooked, use a potato masher or immersion blender to partially mash the soup, leaving some chunks for texture.
Stir in the heavy cream, cheddar cheese, and crumbled turkey bacon. Continue to cook on low heat until the cheese is melted and the soup is creamy, about 5 minutes.
Season with smoked paprika, salt, and pepper to taste. If the soup is too thick, add more vegetable broth until the desired consistency is reached.
Remove from heat and stir in the sour cream until combined.
Serve hot, garnished with additional cheddar cheese, chopped green onions, and extra crumbled bacon if desired.