In a mixing bowl, combine the softened cream cheese and sour cream.
Use a hand mixer or whisk to blend until smooth.
Add the shredded cheese and mix until fully incorporated.
Stir in the chopped green onions and diced bell peppers.
Season the mixture with garlic powder, onion powder, salt, and pepper.
Mix until all ingredients are well combined.
Transfer the dip to a serving bowl.
Drizzle olive oil on top, if desired.
Sprinkle paprika for color and flavor.
Serve immediately or refrigerate until ready to serve.