Preheat the oven: Preheat your oven to 375°F and grease a 9-inch baking dish with nonstick spray or butter.
Soften the cream cheese: Make sure the cream cheese sits at room temperature for 20 to 30 minutes before mixing so it blends smoothly without lumps.
Mix the base: In a large bowl, beat the cream cheese, sour cream and ranch dressing together with a hand mixer or sturdy spoon until smooth and creamy.
Add chicken and hot sauce: Fold in the shredded chicken and buffalo hot sauce until every piece of chicken is coated in a pale orange mixture.
Stir in half the cheese: Mix in 3/4 cup of the shredded cheddar cheese, reserving the rest for the top.
Spread into the dish: Transfer the mixture to the prepared baking dish and smooth it into an even layer with a spatula.
Top with remaining cheese: Scatter the remaining 3/4 cup of shredded cheddar evenly over the top of the dip.
Bake until bubbly: Bake for 20 to 25 minutes, until the edges bubble actively and the cheese on top turns golden in spots.
Create the spiderweb: While the dip is still hot, pipe sour cream or ranch in a spiral pattern over the top and drag a toothpick from the center outward to form a spiderweb.
Garnish and rest: Add olive slice spiders if desired, scatter green onions around the edges, and let the dip rest for 5 minutes before serving.
Serve warm: Serve the dip warm with crackers, celery sticks or tortilla chips for scooping.