Preheat oven to 350º. In a large nonstick skillet over medium heat, cook bacon in batches until crispy, about 8 minutes. Drain on a paper towel–lined plate, then chop.
In a large bowl, stir together cream cheese, mayo, sour cream, garlic powder, most of the cooked bacon (reserve some for topping), most of the jalapeños (reserve some for topping), and 1 cup each of cheddar and Monterey Jack. Season with salt and pepper.
Transfer to a small oven-safe skillet or baking dish and sprinkle with remaining ½ cup each of cheddar and Monterey Jack, cooked bacon, and jalapeño.
Bake until dip is golden and bubbly, 15 to 20 minutes. (If desired, broil 3 minutes to get cheese extra-golden.) Serve with tortilla chips or baguette slices.
FOR THE INSTANT POT
In a large bowl, stir together cream cheese, mayo, sour cream, garlic powder, most of the cooked bacon (reserve some for topping), most of the jalapeños (reserve some for topping), and 1 cup each of cheddar and Monterey Jack. Season with salt and pepper.
Transfer mixture into a 1-quart baking dish that will fit in Instant Pot. Cover baking dish with foil.
Place trivet in the bottom of pot and pour in 1 cup water. Fold a large piece of foil (about 18") into thirds to make a long “sling,” and lower it into pot. Place baking dish on trivet, centered on the foil strip. Fold the strips over the top, but not touching the top. Lock lid and set to Pressure Cook on high for 15 minutes.
Follow manufacturer’s guide for quick release, making sure to wait until cycle is complete before unlocking and removing lid. Using the foil strips and pot holders, carefully remove baking dish.
Preheat oven to broil. Sprinkle top of dip with remaining ½ cup each of cheddar and Monterey Jack. Broil until cheese is bubbly and golden, about 3 minutes.
Top with remaining cooked bacon and jalapeño and serve warm with tortilla chips or baguette slices.
Recipe by The Best Video Recipes for All at https://recipes-for-all.com/jalapeno-popper-dip/