In a pot over medium heat, add in the bacon and let it render and become crispy. Remove from pot and set aside. Into the same pot, add in the onion, celery, smoked paprika, onion powder and garlic powder, and sweat until translucent.
Add in the butter and flour to form a roux - cook the roux for 2-3 minutes then gradually add in the stock and milk. Stir well to prevent lumps.
Add in the potatoes, cover and simmer until the potatoes are soft. Add in the heavy cream, and season to taste. Add back in the majority of the crispy bacon and the cheddar cheese. Stir well until melted.
Divide into bowls and garnish with parsley, bacon and pepper.