In a bowl, mix softened cream cheese, cheddar, bacon, jalapeños, garlic powder, onion powder, salt, and pepper until creamy.
Butterfly each shrimp along the back and open flat.
Spoon filling onto each shrimp and gently close around it.
Season the outside of the stuffed shrimp lightly.
Set up flour, beaten eggs, and panko in three shallow dishes.
Dredge shrimp in flour, dip in egg, then coat thoroughly in panko.
Rest breaded shrimp on a wire rack for a few minutes.
Heat oil to 350°F and fry in batches 3-4 minutes until golden, turning once.
Drain on a rack and serve hot with dipping sauce.