Cook the Bacon:

In a large pot, heat olive oil over medium heat. Add the chopped bacon and cook until crispy. Remove the bacon with a slotted spoon and set aside for garnish, leaving the bacon grease in the pot.

Sauté the Vegetables:

Add the diced onion and minced garlic to the pot with the bacon grease. Sauté for 3-4 minutes until softened and fragrant.

Add Potatoes and Broth:

Stir in the diced potatoes, chicken or vegetable broth, thyme, smoked paprika, salt, and pepper. Bring the mixture to a boil, then reduce the heat to low. Let it simmer for 15-20 minutes, or until the potatoes are fork-tender.

Blend the Soup:

Using an immersion blender, blend the soup until smooth and creamy (or leave some chunks if you prefer). If using a regular blender, carefully blend in batches and return to the pot.

Finish the Soup:

Stir in the heavy cream and shredded cheddar cheese until melted and the soup is creamy. Adjust seasoning as needed.

Make the Cheesy Toast:

While the soup simmers, preheat your broiler. Butter the slices of bread and place them on a baking sheet. Sprinkle with shredded mozzarella and cheddar cheese. Broil for 2-3 minutes until the cheese is melted and bubbly.