In a large mixing bowl, combine the softened cream cheese and sour cream. Beat with an electric mixer or vigorously by hand until the mixture is completely smooth and creamy.

Add the dry ranch seasoning mix to the cream cheese mixture and beat until thoroughly incorporated. Make sure there are no dry pockets of seasoning left.

Gently fold in the shredded cheddar cheese, chopped green onions, diced tomato, and black olives. Mix until just combined; avoid overmixing.

If using a bell pepper boat: Slice the bell pepper in half lengthwise, remove the seeds and membranes, and wash. Spoon the finished dip mixture evenly into the two hollowed-out pepper halves.

If not using a pepper boat, transfer the dip to a serving bowl. Cover and chill in the refrigerator for at least 30 minutes to allow the flavors to meld.

Serve the Boat Dip chilled with tortilla chips, vegetable sticks, or crackers.