Cut bacon into small pieces. Switch on the Instant pot. Set Instant pot to 'Saute mode'.Cook until crispy. Discard the fat and keep aside the bacon.
Set Instant pot to 'Saute mode'.When the inner pot is hot add butter, and let it melt.
Add chopped onion, celery, carrot, and minced garlic. Saute until the onion has softened and garlic is aromatic.
Add corn, chopped potato, thyme, Cayenne pepper, salt, pepper, chicken stock, and milk to the pot. Give everything a good stir.
Close the lid, place the valve in the sealed position. Press the 'Manual button' and set the time to 10 minutes.
The Instant pot will take some time to come to full pressure and then the timer would start.
When the timer is off, let the pressure release naturally for 10 minutes. Then release the pressure by moving the valve to the venting position.
Whisk flour to the cream.
Switch the instant pot again to 'Saute mode', Slowly add the flour cream mixture to the pot, by continuously stirring with the other hand. Make sure there is no lump.
The soup will come to a slow boil and it will start to thicken. Keep stirring to avoid lump.
Check the seasoning and add more seasoning if required. Switch off the Instant pot once the desired thickness has reached.