Heat 1 tablespoon olive oil in a 12-inch oven proof skillet over medium high heat. Add onions and cook for 3 minutes. Add corn, bell peppers and garlic and sauté for 1 additional minute.
Stir in salsa verde, cream cheese, sour cream, mayonnaise, cumin, paprika, salt and pepper to taste, 3/4 cup Monterey Jack cheese and 1 1/4 cup cheddar cheese. Spread in an even layer and top with remaining cheeses.
Bake at 350 degrees Fahrenheit for 20- 25 minutes or until bubbly. Broil for 1-2 minutes until cheese is golden.
You can transfer dip to slow cooker to keep warm for 2 hours or serve immediately. Garnish with fresh cilantro and chopped tomatoes if desired.