People use this expression all the time, and never seems to have EXACTLY the same meaning
Over the top acting I guess an example of this with the Captain Kirk play by William Shatner
With regards to entertainment, it can mean goofy, overdone, silly and or stupid. I wouldn’t classify Shatner as cheesy, but that’s me.
With regards to food, it means culinary heaven and the more cheese the merrier. “Cheese George. Cheese!”
When the cheese melts and never separates. That’s my favorite type of cheesy