In a large pot, fry bacon pieces until crispy, stirring frequently. Transfer to a paper towel–lined plate. Drain fat from pot, leaving 1 tablespoon.
Add shrimp to pot, stirring frequently. Remove shrimp with a slotted spoon and set aside. Leave juices in pot.
Add onions and garlic. Saute until onions are soft.
Add paprika, red pepper, thyme, salt, and pepper. Cook, stirring frequently.
Add corn, stock, and half-and-half. Stir. Bring to a boil, then reduce heat to medium-low and simmer for 15 minutes.
Using an immersion blender, blend soup until creamy.
Serve with shrimp and sprinkle with bacon pieces.
Garnish with fresh thyme sprigs.