Heat a Dutch oven over low/medium heat. Add 1 tablespoon of butter and the minced yellow onion. Cook for 4 to 5 minutes, until the onions are soft and golden.
To make the roux, add the remaining 2 tablespoons of butter and flour to the cooked onions. Whisk often for 1 to 2 minutes. The roux should be a blond color.
Slowly whisk in the chicken broth and heavy cream. Continue whisking until all of the lumps are gone. Cook for 5 minutes.
Stir in the hot sauce, kosher salt, and cracked pepper.
Next, fold in 6 cups of the shredded cheddar cheese. Continue to cook on low for 10 minutes.
While the soup is simmering, prepare the noodles according to the package instructions. Drain the noodles and add them to the soup.
Garnish with bacon crumbles, shredded cheddar cheese, and green onion.