Place the cream cheese in a microwave-safe bowl, cover, and microwave for 20–30 seconds to soften.
In a large bowl, beat the warmed cream cheese and sour cream with an electric mixer until fluffy.
Fold in the drained Rotel, 1½ cups of the Colby Jack cheese, ranch seasoning, and taco seasoning until fully combined.
Spoon the mixture into a serving dish, top with remaining cheese, and broil for 1–2 minutes until bubbly (optional).
Garnish with cilantro and serve immediately with tortilla chips, fresh veggies, or crackers.