Add the chopped onion to the pot and cook until softened, about 3 minutes. Add the minced garlic and cook for 1 more minute until fragrant. Press Cancel.
Add the cubed potatoes, chicken broth, salt, pepper, and thyme to the inner pot. Stir gently to combine.
Secure the lid and set the vent to Sealing. Select Manual or Pressure Cook on High for 8 minutes.
When the cooking cycle finishes, allow a Natural Pressure Release (NPR) for 10 minutes, then carefully turn the valve to Venting to release any remaining pressure.
Open the lid. Stir in the half-and-half (or cream) and the cubed cream cheese until the cheese melts and the soup is smooth.
If you prefer a thicker soup, use an immersion blender to partially blend the soup to your desired consistency.
Taste and adjust salt and pepper if needed. Serve hot, topped with the reserved crispy bacon and fresh chives.
Notes
For an extra cheesy soup, stir in 4 ounces of shredded cheddar cheese along with the cream cheese until melted.
If you do not have half-and-half, you can substitute it with whole milk, but the soup will be slightly less rich.
If you want a very smooth texture, blend all the soup contents after adding the dairy, before adding the bacon garnish.