Cook the bacon in a non-stick skillet. Remove the bacon, cool then crumble. Add the peppers and onions to the bacon grease in the non-stick skillet. Cook over medium heat until the onion is translucent and the peppers barely brown on the edges. Remove the peppers from the pan. Sprinkle both sides of the shrimp with Cajun seasoning then add to the non-stick pan you cooked the bacon, peppers, and onions in. Cook for about a minute per side but don't over cook them or they will be rubbery.
Cook the grits according to the directions on the package. When done, add 2 TBS butter and the cheddar cheese to the hot grits. Add salt according to taste. Don't under season the grits or they will be bland. Taste after adding the cheese and add more salt as needed.
Add the hot sauce or hot oil to the melted butter.
Assemble the dish with the grits in the bottom of a shallow bowl, topped with peppers, onions, and shrimp. Drizzle the hot oil butter over the top. Enjoy piping hot!