Preheat your oven to 425°F (220°C) or set your air fryer to 400°F (200°C). Spread the frozen tater tots evenly on a baking sheet, ensuring they aren't crowded. Bake or air-fry for 20-25 minutes, flipping halfway.

While the tater tots are cooking, heat a large skillet over medium heat. Add bacon strips and cook for about 8-10 minutes until crispy. Transfer to a paper towel to drain grease, cool, and chop into bite-sized pieces.

Once the tater tots are crispy, remove them and spread them on a large baking sheet in an even layer.

Sprinkle shredded Colby-Jack cheese and chopped bacon evenly over the hot tater tots. Return the baking sheet to the oven and bake for an additional 5 minutes or until cheese is gooey and bubbling.

In a small bowl, combine mayonnaise and ketchup to create fry sauce. Add cayenne pepper to taste, mixing well.

Once the cheese is melted, remove Loaded Totchos from the oven. Sprinkle chopped green onions on top. Serve immediately with homemade fry sauce for dipping.