You forgot to mention that it's watered down. That's what the emulsifier is for, to make the oils in the cheese mix well with the added water. The concept is fine - for some applications - if it were only that, but this is hyper-processed American food we're talking about here. Gotta pad out that ingredient list:

CHEDDAR CHEESE (CULTURED MILK, SALT, ENZYMES), SKIM MILK, MILKFAT, MILK PROTEIN CONCENTRATE, WHEY, CALCIUM PHOSPHATE, SODIUM PHOSPHATE, CONTAINS LESS THAN 2% OF MODIFIED FOOD STARCH, SALT, LACTIC ACID, MILK, SORBIC ACID AS A PRESERVATIVE, OLEORESIN PAPRIKA (COLOR), ENZYMES, CHEESE CULTURE, ANNATTO (COLOR).

The above is the standard Kraft singles ingredient list, and at a glance is the shortest one I saw on their website.