Preheat oven to 350°F (175°C).

Cook 1/2 cup bacon bits in a skillet over medium heat for 5–7 minutes until crispy, then drain on paper towels and crumble.

Let cream cheese sit at room temperature for 30 minutes to soften before mixing.

In a mixing bowl, beat 8 ounces softened cream cheese, 1/2 cup sour cream, and 1/4 cup mayonnaise with an electric mixer for 2 minutes until smooth.

Fold in 1 cup shredded cheddar cheese, crumbled bacon bits, 2 chopped green onions, 1/4 teaspoon garlic powder, and 1/4 teaspoon black pepper until evenly combined.

Transfer mixture to a 9-inch baking dish and smooth the top with a spoon.

Sprinkle 1/4 cup additional shredded cheddar cheese and 2 tablespoons fresh bacon bits over the top.

Bake in the preheated oven for 20–25 minutes until the dip is heated through and the top is melted and lightly browned.

Let the dip rest for 2–3 minutes before serving to allow it to set slightly.