Cook squash in microwave as directed on package. Meanwhile, in 3-quart saucepan, cook bacon until crisp; drain on paper towels. Reserve 2 tablespoons drippings. Crumble bacon; set aside.
Cook onion in bacon drippings over medium heat, stirring occasionally, until tender. Add squash, pumpkin, broth, salt, black pepper and red pepper. Heat to boiling; reduce heat to medium. Cover; simmer 15 minutes. Remove from heat; cool 10 minutes. Stir in half-and-half.
In blender, place half of the squash mixture. Cover; blend on medium-high speed about 30 seconds or until smooth. Into large serving bowl, pour mixture. Repeat with remaining squash mixture. Top individual servings with cheese, croutons and bacon.