In a large mixing bowl, whisk together the mayonnaise, sour cream, ranch dressing mix, garlic powder, onion powder, and paprika until completely smooth and creamy.
Add the corn kernels, shredded cheddar cheese, chopped bacon, and green onions. Toss everything together until evenly coated in the dressing.
Cover the bowl with plastic wrap and refrigerate for at least 2 hours to allow the flavors to meld together.
Just before serving, taste and season with salt and pepper as needed. Serve chilled.