Pre-heat your oven to 350 degree F.
Place the loaf of bread on a foil-lined rimmed baking sheet.
Make cuts going across the bread, about 1 inch apart making sure not to cut all the way through the bottom crust.
Make cuts going in the opposite direction, about 1 inch apart, making sure not to cut all the way through the bottom crust.
In a bowl, toss the cheeses together. Stuff the cheese between each of the cuts on the loaf of bread.
Sprinkle cooked bacon pieces over the top, making sure they fall into some of the cuts.
Combine the melted butter with 1/4 teaspoon garlic powder and drizzle evenly over the loaf of bread.
Cover the loaf of bread with foil and bake for about 15 minutes.
Uncover and continue baking for about 10 minutes, or until the cheese is all gooey and melted.
Serve with homemade ranch dip on the side.