Heat Instant Pot using the Saute function. When the display registers as “Hot,” add 1 Tb coconut oil. As it melts, swirl it around. Add chopped bacon, stirring occasionally, for approximately 3 minutes. It should be cooked, but not crispy; it will continue to cook, and you don’t want it to burn.
When the bacon is cooked, add the chopped potatoes, onions, celery, carrots, corn, and garlic. Stir to combine and cook for 2-3 minutes. Select “Cancel” to turn off Instant Pot.
Drain the clams, reserving the clam juice. Add additional clam juice to equal 1 cup. (You can substitute chicken or vegetable stock if you like.) Add salt, pepper, Old Bay seasoning, thyme, and bay leaves. Stir to combine, making sure there are no bits stuck to the bottom of the Instant Pot.
Put the cover on the Instant Pot and set the valve to “Seal.” Cook on high pressure for 6 minutes, then NPR (natural pressure release) for 5 minutes. Carefully turn the steam valve using a wooden spoon or other long instrument to release the pressure. When the pressure is released, remove the lid.
Set the Instant Pot to “Saute” and add the clams. Cook for 4-5 minutes, stirring well.
Make a slurry by mixing the corn starch and water. Pour the slurry into the chowder and stir well, cooking for 2-3 minutes until the mixture thickens. Press “Cancel” to turn off the Instant Pot.
Add the cream and stir well. Ladle into bowls, garnish with chopped parsley, and enjoy!