Preheat oven to 350 degrees F and grease an 8×8-inch baking dish.
Add cream cheese, mayo, cheddar, and colby jack to a large bowl and mix until fully combined.
Add red peppers, pimentos, tabasco, Worcestershire, salt, garlic powder, and cayenne pepper and mix until evenly combined.
Transfer mixture to the prepared baking dish and bake for 22-24 minutes or until bubbling and golden.
Serve warm with chips, crackers, or toasted bread.
