Add extra virgin olive oil and onion to a pot and bring to medium heat.
Sauté 2 to 3 minutes until translucent then add cauliflower, garlic powder, salt, and pepper to the pot.
Cook for 5 minutes, stirring to coat the cauliflower. Then, add the broth, and bring to a boil. Then reduce the heat and stir in the nutritional yeast. Simmer for 15 minutes or until the cauliflower can be pierced easily with a fork.
Turn off the heat and transfer the soup to a blender or food processor, working in batches if needed. Process until smooth.
Transfer back to the pot and stir to recombine everything.
Serve garnished with bacon and diced green chilies, if desired.