Chicharon from Carcar is very famous but it isn't the best in Cebu. I've tried it and yes it's good but highly overrated and commercialized.
For the best Chicharon in Cebu go to Liloan, directly across from the church and all the food stalls by the giant acacia tree... there is a very small store (forgot the name) that sells the best Chicharon in Cebu.
Try it first and decide for yourself. This is one of Cebu's best kept secrets.