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Cook ½ cup slivered almonds in a small skillet over medium heat, stirring often, until toasted and fragrant, 3 to 4 minutes. Transfer to a small bowl.
Cook 8 ounces chopped thick-cut bacon in the same skillet over medium heat until browned and crisp, 8 to 10 minutes. Turn off the heat. Using a slotted spoon, transfer the bacon to a paper towel-lined plate.
Mix 8 ounces room temperature cream cheese, 8 ounces shredded cheddar cheese, ¾ cup mayonnaise, 2 of the thinly sliced medium scallions, ½ teaspoon garlic powder, and ¼ teaspoon cayenne pepper together in a medium bowl with a flexible spatula until combined.
Reserve 2 tablespoons of the slivered almonds and 2 tablespoons of the bacon for garnish. Fold the remaining almonds and bacon into the dip with a flexible spatula. Cover and refrigerate for at least 1 or up to 2 hours.
To serve, stir again, and then transfer to a serving dish. Garnish with the reserved almonds, bacon, 1 thinly sliced medium scallion, and ground black pepper if desired.