Using the saute function on the Instant Pot, cook the bacon and onions on medium heat until the bacon is cooked and the onions are softened, about 5 minutes.
Turn off the Instant Pot.
Add the potatoes, corn, chicken stock, thyme, garlic powder, salt, and pepper to the pot. Stir to combine.
Place lid on Instant Pot and set valve to "Seal"
Cook on high pressure for 10 minutes. When cooking cycle is complete, turn off the Instant Pot and perform a quick release.
Stir in the heavy cream and flour. Stir until desired thickness is reached. More flour can be added to reach desired thickness.