Prepare your smoker or pellet grill for indirect heat, aiming for a temperature between 225°F and 250°F. Use a mild wood like apple or cherry for smoking.
Remove the cream cheese from its foil wrapper and place it directly on the grill grate or in a small, oven-safe dish.
Sprinkle the cream cheese evenly with the seasoning rub.
Smoke the cream cheese for 1.5 to 2 hours, or until it is soft and has absorbed a noticeable smoky flavor.
Remove the smoked cream cheese from the grill and place it in a mixing bowl.
Add the crumbled bacon, minced jalapeño, Worcestershire sauce, and shredded cheddar cheese to the bowl.
Use a fork or hand mixer to blend all ingredients until smooth and well combined.
Serve warm with crackers, tortilla chips, or vegetable sticks.
Notes
For a colder smoke flavor, you can use a smoke tube inside your grill or oven after the cream cheese has softened slightly from ambient heat.
If you do not have a smoker, you can mimic the flavor by mixing 1/2 teaspoon of liquid smoke into the softened cream cheese mixture before serving.
Use your favorite BBQ rub for the seasoning; a mix heavy on paprika and brown sugar works well.