Spread the shredded coconut on a baking sheet and bake at 325°F (160°C) for 5-7 minutes, stirring halfway, until golden brown. Let it cool completely.
In a large mixing bowl, beat the softened cream cheese and butter together until smooth and creamy.
Gradually add the powdered sugar, vanilla extract, and cotton candy extract. Mix until fully combined.
Fold in the graham cracker crumbs until the mixture holds its shape.
Divide the cheesecake mixture into two separate bowls. Tint one bowl with pink food coloring and the other with blue food coloring.
Refrigerate the mixture for 30 minutes to firm up.
Scoop about 1 tablespoon of the pink mixture and 1 tablespoon of the blue mixture. Press them together gently and roll into a ball to create a marble effect.
Roll each ball immediately into the toasted coconut, pressing gently to ensure the coating sticks.
Place the coated bombs on a parchment-lined tray and refrigerate for at least 1 hour before serving.