In a large skillet, over medium-low heat, add the butter and onion, and cook until the onions become translucent.
Add the jalapeños and corn and cook until the corn is heated through. Add the bacon and cook 2 minutes more.
Place the cubed cream cheese into the pan with the salt and pepper and bring the mixture to a simmer, stirring and pressing the cream cheese into the pan as it heats.
Reduce the heat to low and let the mixture simmer for 5-7 minutes until the cream cheese is fully melted and creamy. Stir in the heavy cream and simmer for 2-3 minutes longer.
Remove from the heat and let rest for 5 minutes.
Stir in the shredded cheddar. Top with more cheese to serve and some jalapeño slices if desired.