Preheat oven to 350°F. Spray 12-cup muffin pan with no stick cooking spray. Press one wonton wrapper into each muffin cup.
Bake 10 minutes or until wonton wrappers are lightly browned. Allow to cool slightly.
Mix 1/2 cup of the Cheddar cheese, cream cheese, sour cream, bacon, Jalapeño Paste, garlic powder, and onion powder in a medium bowl. Spoon about 1 tablespoon of filling into each wonton cup. Sprinkle evenly with remaining 1/4 cup Cheddar cheese.
Bake 8 to 10 minutes until wonton is golden brown and cheese is melted. Garnish with additional crumbled bacon, if desired.
To prepare Jalapeño Popper Dip without the wonton cups, start prep at Step 3. Spoon dip mixture into 9-inch pie plate. Top evenly with remaining 1/4 cup cheese. Bake 8 to 10 minutes or until cheese is melted and lightly browned. Serve with tortilla chips or your favorite dippers.