In a medium saucepan, combine the softened cream cheese and Rotel tomatoes over medium heat.
Stir the mixture until the cream cheese is fully melted and incorporated.
Add the garlic powder and onion powder, mixing well.
Gradually stir in the shredded cheddar and Monterey Jack cheeses.
Continue to cook, stirring occasionally, until all the cheese has melted and the dip is smooth.
Season with salt and pepper to taste.
Remove from heat and let it cool slightly.
Transfer the dip to a serving bowl.
Garnish with chopped cilantro if desired.
Serve warm with tortilla chips or fresh veggies.