Prep the corn: peel off the shucks and silk, then cut off the kernels into a bowl. When you've cut the cobs bare, use the back of your knife to scrape out the last little bits of germ and juice from the cob into the bowl. (You don't have to do this, but you'll be missing out on flavor and texture.)
Chop the bacon into about 1/2-inch pieces. Put it into a soup pot and place the pot over medium heat. Cook until the bacon is browned and has released its fat. (If you put just enough water to cover the bottom of the pan, it'll help the bacon brown more evenly.) Fish out the bacon pieces, but leave the fat in the pan.
Add the onion and chile and cook until lightly browned, about 6-8 minutes. Add the garlic and thyme, stir together, and cook until you can smell the garlic, about another minute. Sprinkle the flour over the aromatics, stir to coat, and cook for about another two minutes.
Pour in all the chicken broth at once and bring to a boil. When it's boiling vigorously, add the potatoes and half-and-half, stir, return to a boil, and cook for 8-10 minutes, until the potatoes start to break down. Lower the heat to a simmer, add the corn and cook another 10-12 minutes, until the corn is tender.
Return the bacon to the pot. Working in handfuls, stir in the cheese, waiting until it's completely melted before you add another handful. Season with salt and pepper to taste and serve with biscuits.