Heat the broiler with the rack 6 to 8 inches from the heat source.
Heat oil in a large, deep skillet over medium-high. Add onion, bell pepper and jalapeño. Season with salt and pepper and cook, stirring occasionally, until vegetables are lightly browned at the edges, 2 to 3 minutes. Add garlic and cook, stirring, for 1 minute.
Deglaze the pan by adding chicken stock and stirring and scraping up browned bits. Add heavy cream and cream cheese and simmer, stirring occasionally, until cream cheese is melted. Add ½ cup shito and stir to combine, then stir in collards. Reduce heat to medium and simmer rapidly, stirring occasionally, until liquid is reduced to a thick, creamy consistency that coats the greens without being soupy, 5 to 7 minutes.
Remove from heat and add 1½ cups Cheddar and the lemon juice. Stir until cheese melts. Season to taste with salt and pepper. You can keep the dip in the skillet if the pan is ovenproof, or transfer the dip to a 2-quart baking dish and spread evenly. Combine panko with the remaining ½ cup Cheddar and sprinkle over the dip.
Broil until golden on top, 1 to 2 minutes. Remove from oven and spoon remaining 2 tablespoons shito over dip. Serve hot or warm, with baguette, if you’d like.