Heat the Instant Pot using the Sauté-Normal function. Add the bacon and cook, stirring occasionally, until it is crisp, about 5 minutes. 

Remove the bacon and drain it on a paper towel. Leave the bacon grease in the pot! 

Add the onion and cook, stirring occasionally, until it is soft and translucent, about 3 minutes. 

Add the garlic and rosemary and cook for an additional minute. 

Then, add the chicken stock and scrape any browned bits from the bottom of the instant pot. 

Add the potatoes and attach the Instant Pot lid. Ensure the valve is in the “sealing” position. 

Set the Instant Pot to Pressure Cook - Manual for 8 minutes. 

Once the Instant Pot has finished cooking, allow the pressure to release naturally for 5 minutes.

Then, carefully switch the valve to the “venting” position to release any additional pressure. 

Add the heavy cream to the soup and use an immersion blender to puree it until your desired consistency. Season with salt and pepper to taste. 

Serve the soup warm, garnished with the crisp bacon and cheddar cheese. 

Store any leftover soup in an airtight container in the fridge for up to two days.