Preheat the oven to 375 F. Heat olive oil over medium heat in a 10- or 11-inch cast iron or oven safe skillet. Add sausage meat and break-up with a wooden spoon until it has the texture of ground meat and cook until it is no longer pink, about 3 to 5 minutes. Remove from heat and set aside.
In a medium bowl, add cream cheese, ricotta, parmesan, 1 cup of mozzarella, basil, oregano and garlic powder. Stir until well combined. Add sausage to cheese mix and stir until combined. Pour dip back into cast iron skillet and spread into an even layer. Top with pizza sauce and spread into an even layer. Sprinkle with remaining cup of mozzarella and arrange pepperoni on top.
Bake in the oven until cheese is melted and edges are browned and bubbling; about 15 to 20 minutes. Remove from oven and let rest for 5 to 10 minutes. Serve with slices of toasted baguette or garlic bread.