Preheat oven to 375°F and spray a 2-quart baking dish with cooking spray.
In a large mixing bowl, beat together cream cheese and sour cream until smooth.
Stir in 1 1/2 cups cheddar cheese, Monterey Jack cheese, diced jalapeños, green chiles, bacon, garlic powder, and salt until well combined.
Spread mixture evenly into prepared baking dish.
In a small bowl, combine panko breadcrumbs, melted butter, and remaining 1/2 cup cheddar cheese, then sprinkle evenly over the dip.
Bake for 20-25 minutes until hot and bubbly, then broil for 2-3 minutes until topping is golden and crispy.
Let cool for 5 minutes and serve warm with tortilla chips or crackers.