In a medium mixing bowl, combine 1 cup of chilled heavy cream, ¼ cup of powdered sugar, and 1 teaspoon of vanilla extract. Beat until stiff peaks form, about 5 minutes.

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

Add ½ cup of Nutella and 2 tablespoons of unsweetened cocoa powder to the cream cheese. Blend until uniform and rich, about 2 minutes.

Gently fold one-third of the whipped cream into the Nutella mixture. Repeat until all whipped cream is incorporated.

Carefully spoon the mousse into serving cups, tapping lightly to settle.

Cover with plastic wrap and chill in the refrigerator for at least 2 hours. Add optional toppings before serving.