**Cook the Chicken:** Heat the olive oil in a large skillet or pot over medium heat. Add the diced chicken and cook until browned and fully cooked, about 5-7 minutes. Remove the chicken from the skillet and set aside.
**Prepare the Sauce:** In the same skillet, whisk together the chicken broth, heavy cream, and ranch seasoning mix. Bring the mixture to a gentle simmer.
**Cook the Pasta:** Add the penne pasta to the skillet and stir to coat in the sauce. Cover and cook over medium heat for 10-12 minutes, stirring occasionally, until the pasta is al dente and the sauce has thickened.
**Add the Cheese:** Stir in the shredded cheddar cheese, cream cheese, and cooked chicken. Mix until the cheeses are melted and the sauce is creamy.
**Add the Bacon:** Fold in the crumbled bacon and stir until evenly distributed.
**Garnish and Serve:** Remove from heat, garnish with fresh parsley if desired, and serve immediately.