In a large bowl, beat the softened cream cheese until completely smooth.
Add the mayonnaise, reserved pimento liquid (or pickled pepper brine), Worcestershire sauce, onion powder, garlic powder, smoked paprika, and ½ teaspoon kosher salt. Beat until smooth and creamy.
Fold in the mild cheddar and sharp cheddar until evenly combined.
Gently fold in the drained pimentos (or diced sweet pickled red peppers).
Cover and refrigerate overnight to allow the flavors to fully develop.
Taste the next day and add additional kosher salt if needed before serving.