Wearing gloves, halve the jalapeno peppers lengthwise, leaving stems attached if possible. Scrape out seeds and membranes (leave some ribs for more heat if desired).
In a bowl, mix the softened cream cheese, shredded cheddar, garlic powder, onion powder, kosher salt, and black pepper until smooth and evenly combined.
Spoon the filling into each jalapeno half, mounding slightly and smoothing the tops so they’re level.
Cut the bacon slices in half crosswise. Wrap each stuffed pepper with a half slice of bacon, overlapping the ends; secure with a toothpick if needed.
Arrange the poppers cut-side up on the smoker. Smoke until the bacon is rendered and starting to crisp and the peppers are tender, 1 hour 30 minutes to 2 hours. If the bacon needs more color, raise the heat to 300°F for the last 10–15 minutes.
Let the poppers rest 5 minutes to set the cheese. Remove toothpicks and serve warm with ranch dressing.