Preheat your oven to 375°F (190°C) and grease a large baking dish with butter or cooking spray to prevent sticking.
Heat olive oil in a large skillet over medium-high heat. Season the shrimp with salt and pepper, then sear them for 1-2 minutes on each side until they are just pink. Remove the shrimp from the skillet and set aside.
In the same skillet, melt butter over medium heat. Add finely chopped onion and sauté until softened, about 3-4 minutes. Stir in minced garlic, chopped basil, and nutmeg, cooking for another 30 seconds until fragrant.
Pour heavy whipping cream into the skillet and let it simmer for 3-4 minutes until slightly thickened. Gradually stir in 1/2 cup of parmesan cheese along with all the shredded Monterey jack cheese until smooth and creamy; season to taste.
Place the seared shrimp evenly in your prepared baking dish, then pour the luscious cream sauce over them ensuring they are well covered.
In a small bowl, combine the remaining 1/2 cup of parmesan cheese with crushed beef rinds. Sprinkle this mixture generously over the top of your shrimp and sauce.
Bake in your preheated oven for approximately 25 minutes or until the top is golden brown and bubbly throughout.