Spread the bacon crumbles on a microwave-safe plate. Microwave for about 30 seconds to crisp them, then transfer to a shallow bowl and let cool completely.
Place the softened cream cheese and shredded sharp cheddar cheese in a medium mixing bowl.
Stir the cheeses together until thoroughly combined and the mixture is creamy.
Scoop out tablespoon-sized portions of the cheese mixture using a cookie scoop or spoon.
Gently roll each portion between your palms to create small, evenly shaped cheese balls.
Roll each cheese ball in the cooled bacon crumbles, pressing lightly so the bacon sticks to the outside.
Arrange the mini cheese balls on a serving plate and refrigerate for at least 30 minutes to help them firm up.