Cook the chopped bacon in a large pot over medium heat until crispy, then remove and set aside
Add the chicken to the pot and lightly sear for a few minutes on each side.
Pour in the chicken broth and stir in ranch seasoning, garlic powder, onion powder, and black pepper.
Bring to a gentle boil, then reduce heat and simmer until the chicken is fully cooked.
Remove the chicken, shred it with forks, and return it to the pot.
Add cream cheese and stir until fully melted and smooth.
Stir in shredded cheddar cheese until the soup becomes creamy.
Taste and adjust salt if needed, then serve topped with crispy bacon.