Set your instant pot to the sauté setting. Add the bacon and cook until brown and crispy. Remove from the pot and drain on a paper towel.
In the bacon drippings sauté the onion, stirring frequently until translucent. Add the garlic and continuously stir until the garlic is fragrant. Add the tablespoon of flour and cook for about a minute to get the raw taste out. Add the chicken broth, whisking until smooth, then add 1/2 of the bacon reserving the remainder for garnish. the potatoes, the corn, the thyme, cayenne pepper and season with salt and pepper to taste.
Select the manual setting on your Instant Pot, adjust pressure to high, and set for 10 minutes.
When finished cooking, quick release the steam.
When you are able to remove the lid, add the heavy cream and the butter. Check for salt and pepper and adjust. Serve the chowder in bowls and garnish with the remaining bacon bits, cheddar cheese and chives. Bon Appetit!