Preheat your oven to 350°F (175°C).
In a large mixing bowl, combine the softened cream cheese and sour cream until smooth.
Stir in the shredded cheddar cheese, crumbled sausage, crumbled bacon, diced tomatoes with green chilies, garlic powder, onion powder, chili powder, salt, and black pepper. Mix until all ingredients are well combined.
Transfer the mixture to a baking dish and spread it evenly.
Bake in the preheated oven for 20-25 minutes, or until the dip is hot and bubbly.
Remove from the oven and let it cool for a few minutes. Garnish with chopped green onions before serving.
Serve warm with tortilla chips for dipping.