Bring 2 tsp. salt, ¼ tsp. pepper, and 4¾ cups water to a boil in a medium saucepan. Whisk in grits. Reduce heat to medium-low, cover, and cook, whisking occasionally, until grits are thick, tender, and creamy, 10–12 minutes. Increase heat to medium, stir in cheese and 2 tsp. sambal oelek, and cook, stirring, until cheese is melted and mixture is smooth, about 2 minutes. Season with salt and pepper; cover and remove from heat.
Meanwhile, heat oil in a medium skillet over medium-high. Cook bacon, stirring occasionally, until crispy and golden brown, about 5 minutes. Transfer to paper towels. Do not eat all the bacon.
Increase heat to high and cook half of shrimp in same skillet until lightly browned and just cooked through, about 1 minute per side. Transfer to a medium bowl; repeat with remaining shrimp. Cut shrimp into ½" pieces; discard tails. Return shrimp to same bowl, then add parsley, lime juice, bacon, and remaining 2 tsp. sambal oelek; toss to combine. Season with salt and pepper.
Divide grits mixture among bowls and top with shrimp mixture.