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Heavy ion signatures of coronal mass ejections (CMEs) indicate that rapid and strong heating takes place during the eruption and early stages of propagation. However, the nature of the heating that produces the highly ionized charge states often observed in situ is not fully constrained. An MHD simulation of the Bastille Day CME serves as a test bed to examine the origin and conditions of the formation of heavy ions evolving within the CME in connection with those observed during its passage at L1. In particular, we investigate the bimodal nature of the Fe charge state distribution, which is a quintessential heavy ion signature of CME substructure, as well as the source of the highly ionized plasma. We find that the main heating experienced by the tracked plasma structures linked to the ion signatures examined is due to field-aligned thermal conduction via shocked plasma at the CME front. Moreover, the bimodal Fe distributions can be generated through significant heating and rapid cooling of prominence material. However, although significant heating was achieved, the highest ionization stages of Fe ions observed in situ were not reproduced. In addition, the carbon and oxygen charge state distributions were not well replicated owing to anomalous heavy ion dropouts observed throughout the ejecta. Overall, the results indicate that additional ionization is needed to match observation. An important driver of ionization could come from suprathermal electrons, such as those produced via Fermi acceleration during reconnection, suggesting that the process is critical to the development and extended heating of extreme CME eruptions, like the Bastille Day CME.