Pour broth and evaporated milk into a large pot and bring to a boil over medium-high heat.
Once boiling, stir in the grits, reduce heat to medium-low, and cook for 15-20 minutes, or the grits are tender and slightly thick.
Add the cheese to the grits and whisk until melted and combined. Season to taste with salt and pepper.
Ladle grits into bowls and sprinkle with scallions before serving.
Optional Toppings: Bring a medium saucepan filled with water to a boil over high heat. Once boiling, carefully add the eggs, and cook for 6 1/2 minutes (for firm whites with runny, jammy yolks). Drain and cool the eggs in ice water before peeling. Cook bacon until crisp and golden, either in the oven (400°F for 10-15 minutes) or in the skillet (about 2 minutes per side over medium-high heat). Place eggs and bacon on top of cheesy creamy grits before serving.