Place cream cheese and Monterey Jack cheese in top of a double boiler over simmering water. Stir frequently, scraping down the sides with a rubber spatula to avoid scorching, until cheese is melted, about 5 minutes. Transfer to a baking pan.
Mix bacon, green salsa, green onions, and jalapeno peppers in with the cheese.
Bake dip in the preheated oven until warm and bubbly, 10 to 12 minutes.