Step 1: Preheat oven to 350°F (175°C). Grease and lightly flour an 8x8 inch (20x20 cm) baking pan.
Step 2: In a large bowl, whisk together the all-purpose flour, cocoa powder, baking powder, baking soda, salt, and granulated sugar until well combined.
Step 3: In a separate medium bowl, whisk together the olive oil (or melted coconut oil), eggs, milk (or plant-based milk), and vanilla extract until smooth.
Step 4: Pour the wet ingredients into the dry ingredients. Mix with a spatula or whisk until just combined and no streaks of flour remain, being careful not to overmix.
Step 5: Pour the batter evenly into the prepared baking pan. Bake for 25-30 minutes, or until a wooden skewer inserted into the center of the cake comes out with moist crumbs.
Step 6: Remove the cake from the oven and let it cool completely in the pan on a wire rack before proceeding to the frosting stage.
Step 7: For the Pink Coconut Frosting, in a medium bowl, beat the softened cream cheese and softened butter with an electric mixer until light, fluffy, and smooth (about 2-3 minutes).
Step 8: Gradually add the powdered sugar, one cup at a time, beating until smooth after each addition. Mix in the vanilla extract and pink gel food coloring until the desired vibrant pink color is achieved.
Step 9: Gently fold in 1 cup of shredded unsweetened coconut into the frosting using a spatula.
Step 10: Once the chocolate cake base is completely cool, spread the pink coconut frosting evenly over the top using an offset spatula or knife.
Step 11: Generously sprinkle additional shredded coconut over the frosted cake bars for that 'snowball' effect.
Step 12: Chill the cake bars in the refrigerator for at least 30 minutes before slicing into 16 squares and serving. Store any leftover bars in an airtight container in the refrigerator.