Heat the oven to 375°F. Line a rimmed baking sheet with foil and set an oven-safe rack over it.
Pat drumsticks dry. Season with garlic powder, paprika, salt, and pepper. Wrap each in thin-cut bacon, tucking ends underneath; space on rack.
Roast for about 40–55 minutes, turning once, until the chicken reaches 165°F away from the bone and the bacon is cooked. If needed, briefly broil the cooked drumsticks to crisp the bacon, watching closely.
While chicken cooks, toss panko with olive oil in a small skillet. Toast over medium heat 2–3 minutes, stirring, until light golden. Keep separate from raw chicken.
Top cooked drumsticks with cheddar and toasted panko; bake 3–5 minutes to melt cheese. Rest 5 minutes before serving.