Chop the shallots, removing the papery skins. Mince the garlic. And peel and cube the potatoes.
In a medium size pot/pan, heat the olive oil over medium heat. Saute the shallots 2-3 minutes until they begin to brown. Then, add the garlic and cook another minute. Then, add the potatoes. Season everything with a little salt and pepper as well as the cayenne.
Add the stock, turn the heat to low, and cook for 18-20 minutes or until the potatoes can easily be crushed with the side of your mixing spoon.
Add the cream cheese and blend the soup until silky smooth. You can do this with an immersion blender or in batches in a blender (just be careful when transferring hot liquid). Taste and season with more salt and pepper if needed.
Top with green onions, bacon bits, and shredded cheddar cheese—or whatever you want to top this soup with.