Preheat oven to 375°F. Lightly grease a 9×13-inch baking dish.
Soften the cream cheese until pliable. Let it sit at room temp or microwave 20–30 seconds.
Beat refried beans, softened cream cheese, and sour cream in a large bowl until smooth.
Stir in taco seasoning, cumin, garlic powder, lime juice, and salsa until evenly combined.
Fold in the green chiles, half the cheddar, and half the pepper jack.
Spread the mixture into the prepared dish. Smooth the top with a spatula.
Sprinkle the remaining cheddar and pepper jack evenly over the surface.
Bake 22–25 minutes, until hot and bubbling around the edges.
Top with olives, jalapeños, green onions, and cilantro. Rest 5 minutes before serving with chips.