Cook the bacon in a skillet over medium heat until crisp, about 8–10 minutes. Drain on paper towels and let cool completely, then finely chop. Measure out 4 strips for the base and reserve 1 strip for the coating.
In a shallow dish, combine the coating ingredients: 1/4 cup shredded cheddar, 1 strip chopped bacon, 1 tablespoon green onion, and a pinch of smoked paprika. Set aside.
Using a stand mixer or hand mixer, beat the softened cream cheese with sour cream, Worcestershire, garlic powder, 1/8 teaspoon smoked paprika, and a big pinch each of salt and pepper until light and smooth, 45–60 seconds.
Fold in 1 1/2 cups cheddar, 2 minced jalapeños, 2 tablespoons green onion, and 4 strips chopped bacon until evenly distributed. Taste and add more salt or pepper if needed.
Scrape the mixture into a mound, cover, and refrigerate just until it firms enough to shape, 20–30 minutes.
Shape the chilled mixture into a tight ball using plastic wrap or lightly damp hands. Unwrap and roll the ball in the prepared coating, pressing gently so it adheres all over.
Chill again for 30–45 minutes to set the exterior, then let stand at room temperature for 10–15 minutes before serving. Offer with crackers, baguette slices, crostini, pita chips, or pretzels.
To store, wrap tightly and refrigerate up to 3 days. For best texture, rest at room temperature for 15 minutes before serving leftovers.