Prepare the Rhubarb Compote: Combine the chopped rhubarb, granulated sugar, and water in a small saucepan. Bring to a simmer over medium heat, stirring occasionally. Cook for 10-15 minutes until the rhubarb is soft and saucy. Remove from heat and let cool completely, then refrigerate until chilled.

Mix the Cheesecake Base: In a medium bowl, beat the softened cream cheese until smooth. Gradually beat in the powdered sugar and vanilla extract until fully incorporated and creamy.

Form the Dough: In a separate bowl, mix the graham cracker crumbs and melted butter until they resemble wet sand. Add this mixture to the cream cheese mixture and combine thoroughly until a thick dough forms. Taste and adjust sweetness if desired.

Swirl and Chill: Take about 2 tablespoons of the cheesecake dough, flatten it slightly in your palm, place about 1/2 teaspoon of the chilled rhubarb compote in the center, then carefully fold the dough around the compote and roll into a smooth, uniform ball. Place the formed balls on a parchment-lined baking sheet. Freeze for at least 30 minutes.

Melt Coating: Melt the white chocolate wafers (and coconut oil, if using) in a microwave-safe bowl in 30-second intervals, stirring well after each interval, until completely smooth.

Dip and Set: Working quickly with one frozen cheesecake ball at a time, drop it into the melted white chocolate, rolling to coat completely. Tap gently on the edge of the bowl to remove excess chocolate. Return immediately to the parchment-lined sheet. Repeat with all bombs.

Final Chill: Refrigerate the cheesecake bombs for at least 15 minutes, or until the chocolate coating is firm before serving.