Prepare charcoal or gas grill or traditional smoker for Indirect smoking on Low Heat.Use one layer charcoal for smoker and place food on top grate. For best results for this recipe, use hickory or mesquite wood chips or chunks.
Place corn and peppers on cooking grate of fully smoking grill or smoker. Smoke 1 to 1-1/2 hours over charcoal or 20 minutes over gas. Remove corn and pepper; allow to cool. Cut corn kernels from the cob with a sharp knife. Remove seeds from jalapeno. I like to keep some in and diced.
In a Dutch oven, cook bacon over low heat until crisp. Add onions and cook 2 minutes or until transparent. Add green and red peppers and continue to cook for 6 minutes, until peppers are tender. Add flour. Stir and cook for 3 minutes. Add chicken stock gradually, stirring to combine. Bring to a boil, stirring frequently. Add smoked corn kernels, peppers, potatoes, and bay leaf; simmer 20 minutes.
Add heavy cream, salt, Worcestershire sauce, white pepper, and hot pepper sauce. Return to a simmer for 1 minute.