Saute bacon strips in a large dutch oven or stock pot over medium heat until crisp then remove and set aside on paper towels to drain. Reserve 1 tablespoon of bacon fat in the pot then add 2 tablespoons of butter.
Add onion, carrots, and peppers and cook until softened, around 5 minutes. Add the garlic and cook for around 1 minute, stirring frequently to avoid burning the garlic. Add the flour and cook for 2-3 minutes until lightly golden brown.
Add cream and broth and stir for around 30 seconds, scraping up any brown bits on the bottom of the pot. Add corn, potatoes, half of the cooked bacon, thyme, and bay leaf and bring to a simmer. Cook for about 20 minutes, stirring occasionally, until the potatoes are soft and fork tender.
Ladle around 2 cups of the chowder into a blender and blend until smooth then add back to the pot. Season with salt and pepper to taste.
To serve ladle into bowls and garnish with the remaining bacon.