Cook bacon in a stock pot over medium heat until crisp. Transfer to a plate, leaving 2 tablespoons of fat in the pot.
Melt butter with bacon fat. Sauté onions until soft, then add garlic and cook for 30 seconds.
Add potatoes, chicken stock, thyme, paprika, salt, and pepper to the pot. Bring to a boil and cook until potatoes are tender.
Remove from heat and partially blend with an immersion blender, leaving some chunks for texture.