Preheat oven to 350 degrees F. Grease a 9-inch deep-dish pie plate with cooking spray.
In a medium bowl, combine cream cheese, garlic powder, oregano and basil. Spread mixture evenly into the bottom of prepared pie plate.
Top the cream cheese with 1/2 cup of mozzarella cheese and 1/2 cup of parmesan cheese. Spread the pizza sauce over all.
Sprinkle the remaining cheese over the sauce, and then top with bell pepper, pepperoni and olives.
Bake for 15 to 20 minutes or until warmed through and cheese is melted. Serve dip warm with baguette slices and/or tortilla chips. Enjoy!