In your soup pot over medium heat, add diced onions and a drizzle of olive oil. Allow to sauté until onions are just beginning to turn transparent in color. Add potatoes and cover onions and potatoes in water. Bring to a boil and allow to simmer until potatoes are cooked through. You can test the potatoes by inserting a fork, if it goes in easily, they are done.
Next, cube your cream cheese and mix it into your soup pot until it is completely dissolved. Once the cream cheese is melted in, add milk, and stir to combine.
Now take your cans of cream soup and add them into the mixture. Stir until they are combined. If desired, add melted margarine. Season with garlic salt, salt, and pepper. Stir to combine. Allow your soup to simmer over medium-low heat for a few moments before serving.
Ladle your soup into serving bowls and garnish the top with shredded cheese, green onions, and bacon bits if desired. Serve immediately and enjoy!