Preheat the oven to 425°F. Line a rimmed baking sheet with high-heat-resistant parchment paper.
Cut the peppers in half lengthwise and use a paring knife and a small sharp spoon to scoop out the seeds and membranes.
In a medium bowl, use a spatula to mix together the softened cream cheese, kosher salt, black pepper, garlic powder, smoked paprika, and shredded cheddar. Stuff the jalapeños with the mixture, dividing it evenly.
Arrange the peppers, cheese side up, in the prepared pan. Wrap the bacon pieces around their middle, seam side down. Lightly spray their tops with olive oil.
Bake the peppers until the bacon is browned, about 20 minutes. Serve them immediately and watch them disappear in minutes!
Video
Notes
It's a good idea to wear gloves while handling jalapenos. They are quite potent.
Try not to overfill the jalapeños, or the filling could ooze out while they bake. You might end up with a bit of extra filling, especially if your jalapeños are smaller (3 inches long rather than 4).
Instead of cutting the bacon slices in two and wrapping them around the middle of the peppers, you can use a whole slice per pepper and wrap them all around the peppers. The video above shows the first option. The photos on this page show the latter one.
You can keep the leftovers in an airtight container in the fridge for 3-4 days. Reheat them uncovered in a 350°F oven. This is one of those recipes where the leftovers are just as good as the freshly cooked dish.