Preheat oven to 375℉. In a medium bowl beat together cream cheese, sour cream, mayonnaise, and garlic powder until smooth.
Stir in 1 cup Cheddar, 1 cup Pepper Jack, and jalapeños. Scrape mixture into a 3-cup baking dish and set aside.
In a skillet over medium heat, cook bacon, turning once or twice, until browned and crisp, 8-10 minutes. Transfer to a paper towel-lined plate to drain.
Add panko to bacon fat in skillet and cook, stirring occasionally, until lightly browned, about 3 minutes. Transfer panko to a medium bowl.
Crumble bacon and stir into panko along with remaining ¼ cup Cheddar and ¼ cup pepper Jack.
Sprinkle panko mixture on top of dip. Bake until bubbly and browned, about 15 minutes. Serve on top of Mission Rounds Tortilla Chips and enjoy!