Peel and dice the baked potatoes; set aside. In a Dutch oven or soup kettle, cook the bacon over medium heat until crisp. Using a slotted spoon, remove to paper towels. Drain, reserving 1-1/2 teaspoons drippings.
Add the soups, milk, garlic powder, Worcestershire sauce, onion powder, pepper, Liquid Smoke if desired and reserved potatoes to the drippings.
Cook, uncovered, for 10 minutes or until heated through, stirring occasionally. Stir in sour cream; cook for 1-2 minutes or until heated through (do not boil). Garnish with cheddar cheese and bacon. Yield: 10 servings (2-1/2 quarts).