Preheat your oven to 350°F (175°C).
In a large mixing bowl, combine the softened cream cheese and mayonnaise until smooth.
Stir in the shredded mozzarella and provolone cheeses until well combined.
Add the chopped olives, diced roasted red peppers, parsley, garlic powder, onion powder, and crushed red pepper flakes (if using). Mix until all ingredients are evenly incorporated.
Season the mixture with salt and pepper to taste.
Transfer the cheese dip mixture to a baking dish and spread it evenly.
Bake in the preheated oven for 25-30 minutes, or until the dip is bubbly and golden on top.
Remove from the oven and let it cool slightly before serving with sliced baguette or crackers.