In a large mixing bowl, combine the softened cream cheese, sour cream, and mayonnaise. Use a hand mixer on medium speed to beat the mixture until it is completely smooth and free of lumps.
Melt the butter in a large skillet over medium-high heat. Add the corn kernels and cook, stirring occasionally, for 5 to 7 minutes, until the corn is heated through and has developed a few lightly browned spots for extra flavor.
Remove the skillet from the heat and stir in the diced green chiles, finely chopped red onion, and chopped cilantro into the warm corn, allowing the residual heat to soften the onions slightly.
Transfer the corn mixture to the bowl with the creamy base. Add the garlic powder, smoked paprika, cayenne pepper, and shredded Monterey Jack cheese. Stir with a rubber spatula until all ingredients are thoroughly and evenly combined. Season with salt and black pepper to your taste.
Serve the dip immediately while warm, or for best flavor, cover the bowl with plastic wrap and refrigerate for at least 1 hour to allow the flavors to meld together before serving.