Cook the grits: In a medium saucepan, bring chicken broth to a boil. Slowly whisk in the grits, reduce heat to low, and simmer, stirring occasionally, for about 20 minutes or until thickened.

Finish the grits: Stir in heavy cream and cheddar cheese until smooth. Season with salt and pepper to taste. Cover and keep warm.

Cook the bacon: In a large skillet over medium heat, cook chopped bacon until crispy. Remove bacon with a slotted spoon and set aside, leaving the drippings in the pan.

Sauté vegetables: In the same skillet with bacon drippings, add diced onion and bell pepper. Cook until softened, about 5 minutes. Add minced garlic and cook for 1 more minute.

Make the sauce: Sprinkle flour over the vegetables and stir to combine. Cook for 1 minute, then gradually stir in 1/2 cup of water, scraping up any browned bits. Simmer until slightly thickened.

Cook the shrimp: Add shrimp to the skillet and cook until pink, about 3-4 minutes. Stir in lemon juice, hot sauce, paprika, and reserved bacon. Season with salt and pepper.

Serve: Spoon creamy grits into bowls and top with shrimp mixture. Garnish with sliced green onions and serve immediately.