Preheat the oven to 350 degrees F.
Lightly grease a 3-quart baking dish.
In a small saucepan over medium heat, add 1 teaspoon of the olive oil.
Add the panko to the hot oil and cook, while stirring, until coated and the panko starts to brown, about 4-5 minutes.
In a large stockpot filled with salted, boiling water, cook the pasta until 1 minute short of al dente, according to the package directions.
Drain the pasta.
Return the pasta to the stockpot and add the extra olive oil, tossing to coat.
In a large saucepan over medium heat, melt the butter.
Add the jalapeños and the onion to the melted butter and cook, while stirring, until very fragrant, about 2 minutes.
Add the garlic and cook, while stirring, until fragrant, about 1 minute.
Add the flour to the veggie mixture and cook, while stirring, until the raw flour smell disappears, about 1-2 minutes.
Slowly add the heavy cream and the milk to the veggie mixture, while whisking, and continue to cook and whisk until no lumps remain and the sauce is thickened.
Add the cream cheese cubes into the sauce mixture and cook, while stirring, until it's melted.
Add all but 1/4 cup of the mozzarella and all but 1/4 cup of the American cheese to the sauce mixture and cook, while stirring, until it is all melted.
Add the salt, the pepper, and the cumin to the sauce mixture and stir to combine.
In a large mixing bowl, add the cooked pasta, the cheese sauce, and all but 2 tablespoons of the bacon crumbles and stir to combine.
Pour the pasta mixture into the prepared baking dish.
Top the pasta mixture with the remaining mozzarella, the remaining American cheese, the remaining bacon crumbles, and the toasted breadcrumbs.
Bake, uncovered, until bubbly, about 15 minutes.
Serve.