In a mixing bowl, combine the softened cream cheese and sour cream. Blend until smooth and creamy.
Stir in 5 sliced green onions, 1 cup of shredded cheddar cheese, and half of the cooked bacon bits.
Spread the mixture evenly into a deep dish pie plate or a baking dish.
Sprinkle the remaining cheese over the top of the dip mixture.
Cover with plastic wrap and microwave for about 5 minutes, or bake in an oven preheated to 375°F (190°C) for about 20 minutes.
Top with the remaining green onions and any leftover bacon bits before serving.
Serve immediately with your favorite potato chips.
