Drain corn in colander and spread on paper towels (or clean kitchen towel). Pat completely dry with paper towels.

Preheat oven to 350 degrees F. Spray 8 x 8-inch casserole dish with cooking spray.

Melt butter in large pot over medium heat. Add flour and cook 30 seconds, whisking constantly. While whisking, add cream and then milk in steady stream. Reduce heat to medium-low; add sugar, garlic powder, onion powder, salt and pepper and cook 1 to 2 minutes or until slightly thickened, whisking constantly.  

Remove from heat. Stir in bacon, half of Cheddar cheese, half of Monterey Jack cheese, and corn. Mixture will be thick at this point. That's OK - it will thin out as it bakes.

Transfer corn mixture to prepared baking dish. Sprinkle remaining Cheddar cheese and Monterey Jack cheese evenly over corn mixture.

Transfer to oven and bake 35 to 40 minutes or until casserole is bubbly.

If desired, brown cheese under the broiler: preheat broiler to HIGH. Place casserole under broiler and broil 2 to 3 minutes or until lightly charred, watching carefully.

Let stand 10 minutes before serving. Garnish with parsley before serving, if desired.