Cook the bacon: In a skillet over medium heat, cook bacon until crisp.
Drain on paper towels and crumble. Reserve 1 tablespoon of bacon fat.
Season the chicken: Pat chicken dry and sprinkle with ranch seasoning, garlic powder, smoked paprika, and a light pinch of salt and pepper.
Choose your method: Use one of the options below based on your preference and time. Slow Cooker: Add chicken and cream cheese cubes to the slow cooker. Pour in heavy cream and chicken broth.
Cover and cook on Low for 4–5 hours or High for 2–3 hours, until chicken shreds easily.
Instant Pot: Add chicken and chicken broth to the pot. Seal and cook on Manual High for 10 minutes (12–14 minutes for thick breasts). Natural release 5 minutes, then quick release.
Add cream cheese and heavy cream.
Stovetop: Warm reserved bacon fat in a large skillet over medium heat. Sear chicken 3–4 minutes per side. Add chicken broth, cover, and simmer 10–12 minutes until cooked through.
Reduce heat to low and add cream cheese and heavy cream.
Shred the chicken: Transfer cooked chicken to a board and shred with two forks. Return it to the pot or skillet and stir to combine.
Add the cheddar: Stir in shredded cheddar until melted and the sauce turns silky and thick.
Finish with bacon and onions: Fold in crumbled bacon and most of the green onions. Taste and adjust seasoning with salt and pepper.
Serve: Spoon into bowls or over cauliflower rice, zucchini noodles, or roasted broccoli.
Garnish with remaining green onions.