Stir together butter and miracle whip until smooth and creamy. Mix in garlic powder and onion powder. Then stir in cheese and olives. Spread mixture evenly over French bread, and place on a baking sheet.
Bake in a preheated oven for 10 to 12 minutes. Increase heat to broil, and cook until cheese melts and bread is golden brown, about 2 to 3 minutes.