Preheat the oven to 350°F (175°C).

Remove the cream cheese from the refrigerator and let it sit at room temperature for 10 to 15 minutes to soften.

In a large mixing bowl, combine the softened cream cheese, mayonnaise, shredded provolone, and shredded mozzarella. Stir with a wooden spoon until smooth and well blended, about 2 minutes.

Chop the pepperoni, ham, and salami into small, bite-sized pieces and add them to the cheese mixture. Stir until evenly distributed.

Dice the red onion and chop the roasted red peppers and banana peppers. Fold the vegetables into the mixture until no streaks remain.

Season the mixture with Italian seasoning, garlic powder, black pepper, and salt to taste, stirring thoroughly.

Transfer the dip mixture into a 9x13-inch baking dish and spread it into an even layer using a spatula.

Sprinkle the grated Parmesan cheese evenly over the top of the dip.

Bake in the preheated oven for 15 to 20 minutes, or until the edges are bubbly and the top is light golden brown.

Remove from the oven and let the dip cool for 3 to 5 minutes before serving to allow it to set slightly.