Line a large oven sheet or cookie sheet with two sheets of parchment paper, enough to overlap sides of pan. Set aside.
Drain scallops in colander and pat dry with paper towel.
Cut scallops into quarter pieces, cover and refrigerate.
Chop shallot, cover and refrigerate.
In a large frying pan fry bacon until lightly crisp. Set bacon on paper towel to drain grease. Remove fry pan from heat, drain grease from pan reserving 1 tablespoon of the grease in frying pan. Cut bacon into 1 inch pieces and set aside.
Spread a bed (12oz) of the nacho chips onto the parchment paper prepared baking sheet. The chips should overlap.
Reheat the frying pan with the 1 tablespoon of reserved bacon grease, cook the shallot in the grease pan on medium high for 2-3 minutes, stirring occasionally.
Place nacho chips into preheated oven for 3-4 minutes.
Add scallops to shallot and bacon grease pan continue to cook mixture for 3-4 minutes longer until scallops are white in color. Remove scallops and shallot mixture from heat and drain in colander.
Remove chips from oven. Evenly distribute shallot and scallop mixture over chips, evenly distribute chopped bacon over chips, top shredded cheese evenly over bacon and scallops.
Return nachos to oven at 375 degrees until cheese melts, watch carefully not to over cook.