Sizzle the bacon pieces in a large pot over medium-high heat for 8 to 10 minutes until perfectly crispy. Use a slotted spoon to transfer the bacon to a plate, leaving one tablespoon of fat in the pot while discarding any extra.

Toss the chicken chunks into the pot with the reserved bacon fat and sear for 3 to 4 minutes until mostly browned. Sprinkle the ranch seasoning and garlic powder over the meat, stirring constantly to coat every piece in flavor.

Pour the chicken broth and penne into the pot with the seasoned chicken and stir to combine. Bring the liquid to a rolling boil, then reduce the heat to medium and cover the pot with a tight lid.

Simmer the mixture for 15 to 20 minutes, making sure to stir every few minutes so the pasta doesn't stick to the bottom. The penne is ready when it has absorbed most of the broth and reached a tender texture.

Take the pot off the heat and stir in the cream cheese until the sauce is completely smooth and velvety. Fold in the cooked bacon bits and 1.5 cups of the shredded cheddar cheese, stirring until the cheese is fully incorporated.

Scatter the remaining half-cup of cheddar over the top of the pasta. Cover for 30 seconds to melt the cheese on the stove, or place under a broiler for 4 minutes for a bubbly, golden crust.

Finish the dish with a sprinkle of fresh parsley for a pop of color and brightness. Serve the pasta immediately while the sauce is hot, gooey, and indulgent.