Add reserved bacon drippings and butter to the pot over medium heat and use a silicone spatula to “clean” the bottom and sides of the pot. Add the diced onions and cook for 15 minutes, stirring frequently. They should begin to brown and caramelize, this adds a nice sweet offset to the beer.
Add the garlic, hot sauce, Worcestershire sauce, and seasonings. Stir to combine. Add the flour and cook for 2 minutes, stirring continuously.
Add the beer in small splashes, stirring continuously. (It will be thick.)
Add the chicken broth and half and half in the same manner. (If desired, you may use an immersion blender to blend the onions fully into the broth.)
Add the bay leaf. Bring to a gentle bubble. Let it simmer gently, reduce, and thicken for 15 minutes, uncovered, stirring occasionally.
Reduce heat to low and let the soup cool for a minute. Remove the bay leaf. Gradually sprinkle in the shredded cheese, stirring continuously. (Doing so over low heat ensures that the dairy doesn’t separate, which maintains a smooth consistency.)
Garnish with bacon and green onions and serve!