Preheat your oven to 350°F (175°C). Lightly grease a 1-quart baking dish or a 9-inch cast-iron skillet.
In a large mixing bowl, combine the softened cream cheese, hot sauce, and ranch dressing. Use a hand mixer on medium speed or a sturdy silicone spatula to blend until completely smooth to create a stable emulsion.
Gently fold the shredded chicken into the cream cheese mixture until every piece is thoroughly coated.
Fold in half of the freshly grated sharp cheddar and all of the Monterey Jack cheese.
Spread the mixture evenly into your prepared baking dish. Top with the remaining half cup of cheddar cheese. Bake uncovered for 20 minutes, or until the edges are bubbling and the cheese on top is beautifully melted.
Remove from the oven and let the dip rest for 5 minutes before garnishing with green onions. This resting period allows the dairy to settle and thicken.
