Preheat oven to 375 degrees.
In a 10" cast iron skillet (or any oven safe skillet), heat enough olive oil to coat the bottom of the pan. Cook shallots in olive over medium heat until they start to soften, about 3 - 4 minutes.
Add the chopped garlic and continue cooking until the garlic and shallots become fragrant. Be careful not to burn the garlic.
Add the washed and rinsed bay scallops to the pan and continue cooking. Move the vegetables and the scallops around to incorporate them into each other.
Pour in the melted mascarpone and put in the shredded Monterey Jack cheese. Reserve 1/2 cup of Monterey Jack cheese for the topping. Stir all together until cheese is incorporated. Add in the Old Bay seasoning and combine well. Remove from heat.
Add crab meat and combine well.
Sprinkle the top of the tip with the remaining 1/2 cup of Monterey Jack cheese and the panko bread crumbs. Place skillet in oven for 15 minutes.
After 15 minutes, turn on the broiler in the oven and broil for approximately 5 - 7 minutes until the top of the dip is golden brown and bubbly.
Remove from the oven, sprinkle finely chopped bacon on top, and let the dip rest for 5 - 7 minutes before digging in with chips, crackers or your favorite veggie sticks.