In a medium mixing bowl, whip 1 cup cold heavy cream, ¼ cup powdered sugar, and 1 teaspoon vanilla extract until stiff peaks form. Refrigerate.

In another bowl, beat 8 ounces softened cream cheese for 3 minutes until creamy and smooth.

Add 1 cup Nutella and 2 tablespoons cocoa powder (if using) to the creamed cheese; blend well until fully combined.

Gently fold in the whipped cream into the Nutella mixture in three additions.

Spoon the mousse into serving cups or a pie dish, leaving space for optional garnishes.

Refrigerate for at least 2 hours to allow the mousse to set.

Optional: Pipe additional whipped cream on top and sprinkle with chocolate shavings before serving.