Begin by heating 2 tablespoons of olive oil in a large skillet over medium heat. Once hot, add one finely chopped yellow onion and sauté for about 5-7 minutes, until it’s soft and translucent.

Next, stir in a 15-ounce can of pumpkin puree into the skillet, mixing well with the sautéed onion and garlic. Gradually pour in 12 ounces of evaporated milk, mixing smoothly. Let simmer gently for about 2-3 minutes.

Reduce the heat to low and add 8 ounces of softened cream cheese to the mixture. Stir continuously until the cream cheese is melted and the mixture is smooth and creamy.

In this step, incorporate the chili powder, cumin, smoked paprika, and cayenne pepper if using. Season with salt and black pepper to taste.

Now, gradually add the Monterey Jack cheese and sharp cheddar cheese into the skillet. Stir continuously until both cheeses are fully melted and the dip is creamy and velvety.

Once blended and melted perfectly, keep the skillet warm over low heat or transfer to a slow cooker. Prepare your dippers.

Spoon the warm Pumpkin Queso into a serving bowl. Garnish with cilantro, toasted pumpkin seeds, and bacon if desired. Serve immediately.