FOR THE BACON BITS:

1. Saute bacon in heavy large pot over medium heat until fat is rendered and bacon is brown, about 5 minutes. 
2. Remove bacon, cool and chop into crumbles.  Set aside. 
3. Remove bacon drippings from pot by blotting with a paper towel.

FOR CHOWDER:

1. Reheat pot over medium-hight heat.
2. Add 4 teaspoons of olive oil to pan.
3. Once the oil begins to shimmer, add the onion and bell pepper.  Saute for 5 minutes until the onion begins to soften and become translucent. 
4. Add the celery and carrots and continue to simmer until the onion becomes translucent, about an additional 5 minutes.  
5. Add 4 cups of corn kernels and continue to saute until cooked, about another 5 minutes.  
6. Sprinkle flour over softened vegetables and stir to combine.
7. Reduce heat to medium-low and cook for 3-4 minutes. 
8. Gradually mix in 5 cups chicken stock, while gentle stirring to combine. 
9. Add 2 sprigs of thyme and cover pot.  Simmer until the soup thickens slightly, about 20 minutes, stirring occasionally to keep the mixture from sticking to the bottom of the pot.
10. Remove thyme stems from pot. 
11. With an immersion blender, blend all ingredients until pureed.  Alternatively the contents could be pureed in a blender.  (But this should be done very carefully as hot liquid can explode in a blender.)
12. Season with salt and black pepper.  
13. If using the  Cheese Powder, gently whisk it into the soup.
14. To the seasoned soup add the remaining corn kernels and the remaining two thyme stems.  Continue to simmer until the corn is cooked, about an additional 10 minutes.
15. Remove all stems from soup before serving.  
16. Serve soup and garnish with 1/4 ounce of cheddar cheese and light sprinkle of bacon bits.