In a large cooking pot over medium heat, cook bacon, carrots, and onions until vegetables are tender and bacon is cooked, about 5-7 minutes. Bacon is not going to be crispy due to moisture from vegetables, this is fine. Drain excess bacon grease (or leave in for extra flavor).
Add tomato paste and cook over low/medium heat for 2-3 minutes.
Add chicken broth, whole peeled tomatoes, bay leaf, garlic, and basil. Mix well to break up tomatoes and cover with lid to simmer for 20-25 minutes on low heat, stirring every 5-10 minutes.
Find and remove bay leaf, then blend until desired consistency is reached; completely smooth or leave tomato and vegetable chunks for some texture. If using a normal blender, this can be done in batches. If using an immersion blender, just blend in the cooking pot and be careful to keep the blender under the soup surface to avoid splattering hot soup.
Notes
This soup is instant pot friendly! Simply follow recipe starting with the saute setting on the instant pot, then cook on high pressure for 10 minutes followed by a quick release, blend, and add cream or cheese as desired. This soup is also freezer friendly! Just cool to room temperature and freeze in an airtight container for up to 3 months.