Place potatoes into a large pot and cover with lightly salted water. Bring to a boil, then reduce heat to medium-low, cover, and simmer until tender, about 20 minutes. Drain and allow to steam dry for a minute or two.
Mash the potatoes until smooth, then add the cream cheese, Cheddar cheese, bacon, cayenne pepper, and garlic powder. Mash until the ingredients are well blended, then transfer to a serving dish, and sprinkle with Parmesan cheese to garnish.
