In a medium bowl, whisk together the mayonnaise, sour cream, sriracha, lime juice, chicken stock, minced garlic, salt, pepper, and sugar until smooth and well combined. The stock and citrus will brighten the rich crema while the sriracha adds a gentle heat. Set aside while you prepare the corn. I like to taste the sauce at this point and adjust the sriracha or lime juice to your heat preference—it's easier to balance before the corn goes in.
Preheat your grill to medium-high heat (around 375-400°F if using a gas grill). Place the corn directly on the grates and rotate every 2-3 minutes for about 10 minutes total, until the kernels are lightly charred and tender. The char adds a smoky depth that's essential to elote. Once cooled slightly, hold each ear upright on a cutting board and carefully slice the kernels off the cob using a sharp knife, working from top to bottom and rotating as you go.
Heat the grilled corn kernels in a large skillet over medium heat for 2-3 minutes just until warmed through. Pour the crema sauce from Step 1 into the pan and gently fold it together with the corn until every kernel is coated. Keep the heat low and stir occasionally for another 2-3 minutes—you're not trying to cook anything further, just warm and marry the flavors together.
Transfer the warm elote to a serving bowl or plate. Sprinkle the crumbled cotija cheese generously over the top, then scatter the cilantro across the surface. Finish with the smoked paprika and chili powder to taste. I find that the smoked paprika adds a subtle complexity, so don't skip it—start with the full 1/2 tsp and adjust the chili powder from there based on your heat preference.