In a large pot of boiling salted water, cook the penne pasta according to package instructions until al dente (usually about 10-12 minutes). Drain and set aside.

In a large skillet over medium heat, add the olive oil, then toss in the crumbled bacon. Cook until crispy, about 4-5 minutes. Once done, remove from the skillet and set aside, leaving the bacon grease in the pan for flavor.

In the same skillet, pour in the heavy cream and ranch dressing. Stir in the garlic powder and black pepper. Allow the mixture to bubble over low heat for about 3 minutes.

Gradually mix in the cheddar and Parmesan cheeses, stirring until melted and smooth.

Add the cooked pasta, shredded chicken, and crispy bacon to the skillet. Toss everything together, ensuring each pasta piece is coated in the rich sauce.

Allow to heat through for an additional 3-4 minutes.

Remove from heat and garnish with fresh parsley if desired. Serve immediately.