Crisp the bacon: In a large skillet or Dutch oven over medium heat, cook the chopped bacon until crisp. Transfer bacon to a paper towel–lined plate.
Leave about 1–2 tablespoons of bacon fat in the pan.
Season the chicken: Pat chicken dry and season on both sides with salt, pepper, ranch seasoning (reserve 1 teaspoon), onion powder, and smoked paprika.
Sear the chicken: Add oil if needed to the bacon fat. Sear chicken 3–4 minutes per side until golden. It doesn’t need to be cooked through yet.
Remove to a plate.
Build the sauce base: Lower heat to medium-low. Add garlic and sauté 30 seconds until fragrant. Pour in chicken broth, scraping up browned bits to deglaze.
Add the cream cheese: Stir in cream cheese until smooth and silky.
If it looks too thick, add a splash more broth. Taste and adjust seasoning with salt and pepper.
Simmer and finish the chicken: Nestle chicken back into the pan. Cover and simmer 8–12 minutes, or until chicken reaches 165°F in the thickest part.
Shred and thicken: Transfer chicken to a cutting board and shred with two forks, then return to the pan.
Stir in cheddar, remaining ranch seasoning, and red pepper flakes. Fold in most of the bacon and green onions, saving a little for garnish.
Garnish and serve: Let it rest 2–3 minutes to thicken. Top with remaining bacon, green onions, and parsley.
Serve hot.