Yes, they call that "government cheese". I can't speak to the quality but there are people out there that still try to find things that are close to the government cheese quality they loved as kids.
My family had government cheese growing up. Was very very soft, only lightly more dense than cream cheese. Was hard to cut because was too hard for a butter knife but too soft for a carving knife. Taste was like a blander Velveeta. Was not terribly tasty in cold sandwiches but it made THE BEST toasted cheese and grilled cheese sandwiches. Melted very well and tested best melted.