Preheat the oven to 400°F and preheat smoker to 275°F.
Lay bacon across smoker rack and smoke for 20 minutes. Transfer to a baked sheet lined with parchment paper. Bake bacon for 15-20 minutes in oven at 400°F. Watch carefully so it doesn't burn.
In a large bowl, add the cream cheese and microwave for 30 seconds or until softened and easy to stir. Then, add the mayo and sour cream and whisk until smooth.
Reserve 1/3 cup of the shredded cheese, 1/4 cup of the chopped bacon and 2 tablespoons of the chopped scallions for later. Add the remaining cheese, bacon, scallions and black pepper to the cream cheese mixture and stir to combine.
Transfer the dip to an oven-safe dish, top with the reserved cheese and bacon and bake for 30 minutes OR until golden brown and bubbly.
To add more smoked flavor, transfer to smoker for an additional 10-15 minutes at 275°F.
Top with chopped scallions and serve. Enjoy!