Preheat your oven to 400°F (200°C). Prick the russet potatoes with a fork, rub them with olive oil, and sprinkle with salt. Place directly on the oven rack or a baking sheet and bake for 45-60 minutes until tender.

While the potatoes bake, heat a large pot over medium heat and add a drizzle of olive oil. Once shimmering, add chopped onion and sauté for about 5 minutes until translucent. Stir in minced garlic and cook for an additional minute.

Remove baked potatoes and let cool slightly. Scoop out the flesh and add to the pot with sautéed vegetables. Pour in vegetable broth and blend until creamy using an immersion blender or standard blender in batches.

Return pot to medium heat. Stir in heavy cream, sharp cheddar cheese, sour cream, thyme, smoked paprika, salt, and pepper. Mix thoroughly while heating gently to melt cheese.

Ladle the soup into bowls and garnish with crumbled bacon (if using), sliced green onions, and additional cheese. Serve hot with crusty bread or salad.