Heat a medium pot or large sauce pan over medium-low heat. When the pan is hot, add in the chopped bacon and let it cook, stirring only occasionally, until it is browned and mostly crisp. Remove bacon to a paper towel to drain and set aside.
Raise heat to medium and add in the onion and bell pepper. Let them cook for a few minutes, until they are softened, then add in the garlic and spice pack and let cook for one more minute. Sprinkle the flour in and whisk it to thoroughly mix; cook for 1-2 minutes, stirring occasionally.
Pour in the broth, scrape the bottom of the pan, and add in the potatoes. Raise heat to high and let it come to a boil. When it boils, reduce to a simmer, cover the pot, and simmer over low heat for 10-12 minutes or until the potatoes are cooked. Add the chilies, corn, and most of the cooked bacon to the pot and let simmer at least another 5 minutes uncovered. Pour in the cream and finishing sauce and simmer another few minutes.
Serve warm garnished with sliced scallions, reserved bacon, and shredded cheese.