In a large pot, melt butter over medium heat. Add red bell pepper, onions, jalapenos and saute until tender, about 3 minutes. Add garlic and cook 30 seconds longer. Stir in flour, and cook 2 minutes stirring constantly. While stirring, slowly add in chicken broth and whisk until well blended.
Add potatoes, bay leaves and season with salt and pepper to taste. Bring mixture to a boil stirring frequently, then reduce heat to medium-low and cook, uncovered, 10 minutes or just until potatoes are tender, stirring occasionally.
Add in cooked chicken, corn and half and half and simmer, uncovered 10 - 15 minutes longer, stirring occasionally. Serve warm topped bacon, green onions, and optional jalapeno peppers.