In a medium saucepan, combine cream cheese and milk over medium heat.
Stir frequently until the cream cheese is melted and smooth.
Gradually add the shredded cheddar cheese while stirring continuously.
Stir in the can of diced tomatoes with green chilies.
Add garlic powder, onion powder, and cumin to the mixture.
Season with salt and pepper to taste.
Continue cooking for about 5 minutes until the cheese is fully melted and the dip is smooth.
Remove from heat and let it sit for a minute.
Transfer the queso dip to a serving bowl.
Garnish with chopped green onions before serving.