**1. Cook the Bacon:**
- In a large pot or Dutch oven, cook the bacon until crispy. Remove, crumble, and set aside, reserving about 2 tbsp of the bacon grease in the pot.
**2. Sauté the Aromatics:**
- Add butter to the pot with the bacon grease. Sauté the diced onion until translucent, about 3-4 minutes. Stir in the minced garlic and cook for an additional minute.
**3. Add the Broth and Chicken:**
- Pour in the chicken broth and bring it to a gentle simmer. Add the cooked chicken and stir to combine.
**4. Create the Creamy Base:**
- Reduce the heat to low. Add the softened cream cheese, whisking until fully melted and smooth. Stir in the heavy cream and ranch seasoning mix.
**5. Add the Cheese:**
- Gradually stir in the shredded cheddar cheese, a handful at a time, until melted and fully incorporated. Add smoked paprika, salt, and pepper to taste.
**6. Finish and Serve:**
- Stir in the crumbled bacon (reserve some for garnish) and heat until warmed through. Ladle the soup into bowls and garnish with fresh parsley or green onions and reserved bacon crumbles.