I believe it's technically a "process cheese food", i.e. an inexpensive extruded amalgamation consisting partly (mostly?) of cheese. It doesn't meet the legal definition of "cheese" in the U.S., and I'm not sure it meets the legal definition of "food" in the EU.

The very low melting point and added plasticizers or wax or whatever make it popular for use as a base for cheese dips and things of that sort, in parts of the country where people'd rather admit to being communists than eat "fondue". It's also used in a variation of macaroni and cheese / Kraft dinner for those who don't find the regular boxed concoction sufficiently chemical in taste and/or appearance.

(I grew up in Wisconsin, next to a dairy farm, so I may not be entirely unbiased on this subject. )