Add bacon to the Instant Pot. Using the display panel select the SAUTÉ function and adjust to MORE or HIGH . Cook and stir until bacon is crisp. Remove bacon to a paper towel-lined plate, reserving drippings.
Add onion to the drippings and Sauté until it begins to soften, 2-3 minutes. Add garlic and cook for 1-2 minutes more.
Add warmed broth to the pot and deglaze by using a wooden spoon to scrape the brown bits from the bottom of the pot.
Add potatoes, corn and thyme sprigs to the pot and stir, then secure the lid, making sure the vent is closed.
Using the display panel select the MANUAL or PRESSURE COOK function*. Use the +/- keys and program the Instant Pot for 10 minutes.
When the time is up, quick-release the remaining pressure.
Remove the thyme sprigs and discard. Return the pot to SAUTÉ mode and bring to a boil.
In a small bowl, whisk together cream, flour and cayenne. Add to boiling pot and cook and stir until slightly thickened, 4-5 minutes. Add salt and pepper to taste.
Serve immediately, garnished with bacon and (optional) chives.