To make the dough, place the warm water in the bowl of a stand mixer. Sprinkle the yeast on top and let bloom, about 10 minutes.
Add the flour, salt, and olive oil to the yeast mixture and turn the mixer (fitted with the dough hook) to medium. Knead until the dough comes together to form a smooth dough.
Remove dough to an oiled bowl and place in the oven with the light turned on.
Let rise for one hour, or until doubled in bulk.
When the dough has doubled, punch it down.
Preheat the oven to 500 degrees.
Roll the dough out on a well floured surface to a 12 inch circle and place on a pizza stone or pan.
To make the pimento cheese, in the bowl of a stand mixer, beat together the cream cheese and mayonnaise until well combined.
Beat in the cheddar, monterey jack, bacon, pimentos, garlic powder, onion powder, salt, and red pepper flakes. Mix on low until combined.
Meanwhile, dice the bacon into bite sized pieces and fry until crisp. Set aside to drain.
Spread the pimento cheese over the pizza dough as evenly as possible. Sprinkle the bacon on top.
Bake for 10 minutes or until the crust is golden and the cheese has melted.
Dice the green onions and sprinkle on top before serving.