Add olive oil and onions to instant pot and turn it on Saute mode for 4 minutes stirring
Add diced ham, sliced carrots, diced potatoes, chicken broth, frozen corn, pepper, salt, and thyme
Cook for 4 minutes on "Soup" mode or Manual High Pressure
Once the time is up, let it rest while pressurized for 10 minutes before manually releasing
Stir .5 cup of broth from instant pot into 2 cups half and half to temper and then add to instant pot
Stir cornstarch into water to make a slurry. Once smooth, add it to the pot and stir
Turn the instant pot to "Sauté" and add bacon and cheddar cheese stirring until smooth
Remove from heat and enjoy!