Peel and cut the potatoes into wedges. Try to keep them evenly sized for consistent cooking. Rinse and soak them in boiling water for about 5 minutes to soften slightly. Drain and pat dry with paper towels.
In a large mixing bowl, toss the potato wedges with olive oil, minced garlic, paprika, salt, and pepper. Add the Parmesan cheese and panko breadcrumbs, making sure each wedge gets evenly coated. Lay them out on a baking sheet lined with parchment paper.
Preheat your oven to 350°F. Bake for 25–30 minutes, flipping halfway through, until golden brown and crispy. Broil for an additional 2–3 minutes for extra crispiness.
In a saucepan over medium heat, melt the cream cheese. Whisk in the milk and cornstarch mixture. Stir until thickened. Add the shredded cheddar cheese and seasonings, whisking until smooth.
Place the crispy potato wedges on a serving platter. Drizzle with the hot cheese sauce. Sprinkle crumbled bacon on top. Finish with melted butter, extra garlic powder, and chopped parsley.