Before cooking, make sure to soak the cashews for 1 hour to overnight.
Heat a skillet to medium heat. Cook chopped bacon until they are brown and crispy, about 10 minutes
Remove the bacon bits with a slotted spoon and set aside, leaving the bacon grease in the pan.
Add the onions into the pan and reduce the heat to medium-low. Cook for 20 minutes stirring occasionally until the onions are caramelized. Remove from heat.
Combine cashews, mayo, nutritional yeast, almond milk, apple cider vinegar, onion powder, crushed red pepper, salt, and cayenne in the food processor and blend until smooth and creamy.
Place in a bowl, then add bacon bits and caramelized onions and mix well.
Sprinkle with green onions, and serve with chips, crackers, and/or sliced vegetables.