Soften cream cheese until spreadable at room temperature.
Mix cream cheese, mayonnaise, Worcestershire, hot sauce, onion powder, garlic powder, and pepper until smooth.
Set a serving plate on the counter. Slide two parchment strips under the center to catch smears.
Place one bologna slice on the plate. Spread a thin, even layer of the cream cheese mixture over it.
Repeat, stacking bologna and spread, until the meat is used. End with spread on top.
Frost the sides with remaining spread. Smooth with an offset spatula or knife.
Chill 20 to 30 minutes to firm up the layers.
Press cheddar onto the sides. Scatter olives and parsley over the top for garnish.
Slide out parchment. Slice into wedges and serve with crackers.