Set the Instant Pot to saute and add chopped bacon. Cook until the bacon starts to brown, then add the onion, red bell pepper and jalapeno pepper. Cook until peppers are tender.
Turn off the Instant Pot and drain excess bacon grease.
Pour in chicken broth and use a spatula to scrape away stuck-on bacon from bottom of pot.
Add the potatoes and all but one cup of frozen corn.
Set the Instant Pot to pressure cook for 7 minutes. Do a natural release when finished cooking.
Remove the lid from the instant pot and remove one cup of ingredients from the pot. Place in blender and blend until smooth. Pour back into the pot.
Add heavy cream and remaining corn and allow to cook on “Keep Warm” setting for 10 minutes.
Serve, add your favorite toppings, and enjoy!
Notes
The additional time is to allow the Instant Pot to come up to pressure and the time to do a natural release.