In a large skillet, heat the olive oil over medium heat. Add the chopped onion and sauté until golden brown and caramelized, about 15-20 minutes. Stir occasionally to prevent burning.
In a mixing bowl, combine the sour cream, mayonnaise, garlic powder, onion powder, Worcestershire sauce, salt, and black pepper. Mix well until smooth.
Once the onions are caramelized, remove them from heat and let them cool slightly.
Fold the cooled onions into the sour cream mixture until well combined.
If using, stir in the chopped chives for added flavor and color.
Cover the dip and refrigerate for at least 1 hour to allow the flavors to meld.
Serve chilled with chips, crackers, or fresh vegetables.