Preheat oven to 375F (190C) and lightly grease a 9x9 inch baking dish.

In a large skillet over medium-high heat, cook 1 lb ground beef and 4 oz chopped beef bacon until browned and cooked through, about 8 minutes. Drain excess fat.

In a mixing bowl, combine 8 oz softened cream cheese, 1/2 cup sour cream, 1/2 tsp garlic powder, 1/2 tsp onion powder, 1/2 tsp salt, and 1/4 tsp black pepper until smooth.

Fold the cooked meat mixture, 4 diced fresh jalapenos, and 1 cup of the shredded cheddar cheese into the cream cheese mixture.

Transfer the mixture to the prepared baking dish and spread evenly. Top with the remaining 1 cup of shredded cheddar cheese and 2 sliced jalapenos.

Bake for 20 minutes until the cheese is melted and bubbling at the edges. Let rest for 5 minutes before serving.