Melt butter in a large pot over medium heat. Add the chopped onion and bacon pieces. Cook, stirring frequently, until the onion is softened and just beginning to brown, about 8-10 minutes.

Add the flour and minced garlic to the pot. Cook for 1.5 minutes while whisking. Slowly pour in 5 cups of water or broth, whisking to combine.

Bring the mixture to a boil, stirring constantly. Add the corn kernels, potatoes, thyme, and bay leaf. Season with salt and pepper to taste.

Reduce heat to medium-low and simmer, stirring occasionally, until the potatoes are tender, about 20 minutes.

Remove the bay leaf. Transfer about 2.5 cups of the chowder to a blender and blend until smooth. Return the blended mixture to the pot.

Stir in the half and half and honey. Taste and adjust seasonings if needed. Serve hot, sprinkled with chopped chives and shredded cheddar cheese if desired.