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Coat shrimp with chile powder, then vegetable oil. Set in refrigerator.
If using corn from the cob- Remove kernels using a grater.
If using frozen corn- Thaw to room temperature. Blend slightly in food processor or blender.
In a large saucepan, cook corn over medium-high heat, stirring regularly until most of the liquid has evaporated — about 3-4 minutes. Reduce heat to medium and add heavy cream, pepper and salt. Cook for another 2-3 minutes, stirring regularly. Turn off heat. Fold in grated cheese.
Meanwhile, heat another skillet to medium-high. Add shrimp and cook until pink, about 4-5 minutes.
Serve shrimp atop grits. Finish the dish with bacon bits and green onions.
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