Melt the unsalted butter and olive oil together in a large heavy skillet or Dutch oven over medium heat.

Add the thinly sliced onions and 1/2 tsp kosher salt. Stir to coat the onions evenly in the fat. Cook for 10 minutes until softened and translucent.

Reduce the heat to medium-low. Continue cooking, stirring every 4 to 5 minutes, for 30 to 35 minutes until the onions turn a rich, golden-amber brown and melt down to a sweet jam-like consistency. If the pan browns too fast, add a splash of apple cider vinegar or low-sodium broth to deglaze the fond.

Remove the skillet from heat and let the caramelized onions cool completely to room temperature (about 20 minutes). Roughly chop half of the cooled onions for easier dipping.

In a medium mixing bowl, beat the softened cream cheese until smooth and lump-free. Whisk in the sour cream, mayonnaise, garlic powder, onion powder, Worcestershire sauce, and black pepper until silky.

Fold in the cooled caramelized onions and fresh snipped chives, reserving 1 tablespoon of onions for a stunning garnish on top.

Cover the bowl tightly with plastic wrap and chill in the refrigerator for at least 1 hour (or up to 24 hours) to allow the deep onion flavors to marry into the cream.

Transfer to a serving bowl, top with the reserved caramelized onions and extra chives, and serve with kettle-cooked potato chips or pretzel crisps.