Step 1: Heat olive oil in a large cast-iron skillet or heavy-bottomed pan over medium-high heat until shimmering.
Step 2: Add corn kernels to the hot skillet in a single layer. Cook, stirring occasionally, for 7-10 minutes, or until the corn is lightly charred and tender-crisp. Transfer the charred corn to a large mixing bowl and let it cool slightly.
Step 3: While the corn cools, in a separate medium bowl, combine mayonnaise, sour cream (or crema), 1/2 cup crumbled Cotija cheese, cilantro, lime juice, diced jalapeños, chili powder, smoked paprika, garlic powder, and a pinch of cayenne pepper (if using). Stir until well combined.
Step 4: Add the slightly cooled charred corn to the creamy mixture. Stir gently to combine all ingredients thoroughly. Taste and season with salt and freshly ground black pepper as needed. Remember Cotija cheese is salty, so add salt gradually.
Step 5: Transfer the elote dip back into the cast-iron skillet (or a serving bowl). If you want to serve it warm, you can briefly warm it in the skillet over low heat for a few minutes, stirring occasionally, or bake it in a preheated oven at 350°F (175°C) for 10-15 minutes, until bubbly.
Step 6: Garnish generously with additional crumbled Cotija cheese, fresh cilantro, and a sprinkle of chili powder or smoked paprika. Serve immediately with tortilla chips and lime wedges on the side.