Cook the turkey bacon: Melt the butter in a Dutch oven over medium heat and cook the chopped turkey bacon until crisp at the edges, about 5 minutes. Remove most of it to a plate for garnish, leaving the fat in the pot.

Sauté the vegetables: Add the onion, garlic, and bell pepper to the pot and cook, stirring often, until softened and fragrant, about 4 minutes. Scrape up any browned bits from the bottom of the pot as you stir.

Add corn and potatoes: Stir in the corn and diced potatoes, then pour in the chicken broth. Bring the mixture to a gentle boil over medium-high heat.

Simmer until tender: Lower the heat and simmer the soup until the potatoes are fork-tender, about 15 minutes. Stir occasionally so nothing sticks to the bottom.

Blend a portion smooth: Ladle about a third of the soup into a blender and purée until smooth, or use an immersion blender directly in the pot for the same amount. This step thickens the broth naturally.

Return the purée: Pour the blended portion back into the pot and stir to combine, giving the broth a thicker, more uniform texture.

Season the broth: Stir in the smoked paprika and Old Bay seasoning, then taste and adjust with salt and black pepper as needed.

Add the shrimp: Add the shrimp to the simmering broth and cook just until they turn pink and opaque, about 3 to 4 minutes. Avoid letting the broth boil hard, which can make the shrimp tough.

Stir in the cream: Lower the heat, pour in the heavy cream, and stir until warmed through, about 1 minute. Taste once more and adjust seasoning if needed.

Garnish and serve: Ladle the soup into bowls and top with the reserved turkey bacon and chopped parsley.