In a mixing bowl, combine the cream cheese, granulated sugar, vanilla extract, and crushed cotton candy. Blend until smooth and creamy, about 2–3 minutes. Chill in the refrigerator for 30 minutes.

In a separate bowl, whisk together the graham cracker crumbs, flour, baking powder, and salt. Add the eggs and stir until a soft, pliable dough forms.

Flatten portions of the dough in your hand, add a spoonful of chilled filling, and wrap the dough around it. Roll into a ball and place on a lined baking sheet.

Freeze the bombs for 15 minutes to maintain their shape during frying.

Heat oil in a deep pot to 350°F (175°C).

Carefully lower the frozen bombs into the hot oil and fry in batches for 2–3 minutes until golden brown. Drain on paper towels.

Melt candy melts and dip each bomb to coat, topping with crushed cotton candy before it sets.