Preheat the oven to 350°F (175°C).
In a mixing bowl, combine softened cream cheese and sour cream until smooth.
Add the chili to the cream cheese mixture and stir well.
Stir in the shredded cheddar cheese, garlic powder, onion powder, and cumin.
If desired, fold in sliced jalapeños for extra heat.
Transfer the mixture to an oven-safe dish.
Spread the mixture evenly in the dish.
Bake in the preheated oven for 20 minutes, or until bubbly.
Remove from the oven and let cool for a few minutes.
Garnish with fresh cilantro before serving with tortilla chips.