Place your softened cream cheese in a medium bowl. If you forgot to soften it, microwave it in 10-second bursts until it's spreadable—this typically takes 20 to 30 seconds for 8 oz. Add the Italian seasoning, Italian dressing, garlic powder, salt, and pepper.
Using a wooden spoon or rubber spatula, stir until the mixture is completely smooth and creamy. You're looking for a texture similar to frosting—no lumps, no dry streaks. Now fold in your chopped pepperoncini peppers and roasted red bell peppers until they're evenly distributed throughout. Taste a tiny spoonful and adjust seasoning if needed. This is your canvas, and you control the flavor intensity.