Preheat your oven to 350 degrees Fahrenheit.
In a large mixing bowl, stir together the shredded chicken, hot sauce, softened cream cheese, ranch dressing, and one cup each of Monterey Jack and cheddar cheeses. If including bacon, add it now.
Spread the mixture into the bottom of a 3-quart baking dish and sprinkle the remaining Monterey Jack and cheddar cheeses on top.
Bake uncovered for about 30 to 40 minutes until bubbly and slightly browned. Let it stand for about 10 minutes before serving.
Top with sliced green onions if desired and serve with baguette slices, tortilla chips, celery sticks, or your favorite crackers.