Elote-Style Corn Soup

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1. 1
   Heat 2 Tbsp. extra-virgin olive oil and 2 Tbsp. unsalted butter in a large Dutch oven or other heavy pot over medium until butter is melted and foaming. Sprinkle in ½ tsp. chili powder and cook, stirring, until fragrant, about 30 seconds. Add 1 medium onion, finely chopped, and 5 garlic cloves, finely chopped, and cook, stirring occasionally, until onion is translucent and slightly softened, about 3 minutes. Season with kosher salt and freshly ground pepper. Add 1 large potato (russet or Yukon Gold; about 1 lb.), peeled, cut into ½" pieces, 4 cups low-sodium chicken broth, and two thirds of one 12-oz. bag fire-roasted frozen corn (about 2 cups) and bring to a boil. Reduce heat, partially cover pot, and simmer until potato is very tender, 12–14 minutes.
2. 2
   Remove pot from heat; stir in 1 cup whole milk. Carefully ladle about half of soup into a blender and blend, gradually increasing to high speed, until very smooth. Pour back into pot. (Or pour half of soup into another pot and blend with an immersion blender until smooth.)
3. 3
   Add remaining  one third of one 12-oz. bag fire-roasted frozen corn and 2 tsp. Diamond Crystal or 1¼ tsp. Morton kosher salt to soup; season with pepper. Reheat over low until warmed through, about 5 minutes.
4. 4
   Ladle soup into bowls; top with crumbled Cotija cheese and chopped cilantro and sprinkle with chili powder. Serve with lime wedges.