In a large mixing bowl, combine the shredded chicken breast, cream cheese, shredded cheddar, Frank's RedHot sauce, salt, pepper, garlic powder, and onion powder. I like to add the cream cheese first and let it soften slightly at room temperature for a few minutes before mixing—this prevents it from clumping and ensures a smoother blend. Using an electric mixer or stirring vigorously by hand, mix for 3 to 5 minutes until the dip reaches a smooth, creamy consistency with no visible cream cheese chunks. The mixture should be well-combined and uniform in color.