Place potatoes, onion, 1/2 cup hot water and the bouillon cubes in 2 quart casserole. Cover tightly and microwave on high 6 to 8 minutes, stirring after 3 minutes, until potatoes are tender.
Place potato mixture in blender container, add cheese and 1 cup hot water. Cover and blend on high speed about 45 seconds or until uniform consistency; pour into casserole.
Cover tightly and microwave on high 1 to 2 minutes or until hot. Stir in small amount of hot water for thinner consistency if desired. Sprinkle each serving with 1 tablespoon imitation bacon. Garnish with snipped fresh parsley, if desired.