Spread the shredded coconut on a baking sheet and bake at 325°F (163°C) for 5-7 minutes, stirring frequently until golden brown and crispy. Let cool completely.

In a large mixing bowl, beat the softened cream cheese, powdered sugar, and vanilla extract until smooth and creamy.

Add the cotton candy extract and graham cracker crumbs to the bowl. Mix on low speed until the crumbs are fully incorporated and the mixture is thick enough to hold its shape.

Divide the cheesecake mixture into three small bowls. Leave one plain white, tint one pink, and tint the third blue using the food coloring.

Take a teaspoon of each color (white, pink, blue) and press them together gently in your hand to form a marble-sized ball (about 1 inch in diameter). Repeat with the remaining mixture.

Place the formed balls on a parchment-lined baking sheet and freeze for 20-30 minutes to firm up.

Melt the white chocolate wafers in a microwave-safe bowl in 30-second intervals, stirring in between until smooth.

Remove the cheesecake balls from the freezer. Dip each ball into the melted white chocolate, shaking off the excess.

Immediately roll the chocolate-coated ball in the toasted coconut until fully covered.

Place the finished bombs back on the parchment paper and refrigerate for at least 15 minutes to set the coating before serving.