Cook bacon in a Dutch oven until crispy. Remove to bowl. Add butter and onions to bacon drippings and cook until onion has softened and just stated to brown around the edges.
Add the flour and garlic and cook 1 1/2 minutes. While whisking, slowly pour in chicken stock.
Bring mixture to a boil, stirring constantly, and add corn, bacon and potatoes. Add in thyme and bay leaf and season with salt and pepper to taste. Reduce heat and simmer, stirring occasionally, until potatoes are tender, about 20 minutes.
Remove bay leaf and transfer 1/3 to 1/2 of the mixture to a blender and blend until smooth. Stir the mixture back into the pot and add heavy cream and honey.
To serve, sprinkle with green onion and shredded cheddar cheese, if desired.