Cook the bacon. In a skillet over medium heat, cook bacon until crisp. Set on paper towels to drain, then crumble. Reserve a tablespoon of bacon fat if you like extra flavor.
Season the chicken. Place chicken breasts in your slow cooker or Instant Pot.
Sprinkle with ranch seasoning, garlic, onion powder, and black pepper.
Add the creamy base. Scatter the cream cheese cubes over the chicken. Pour in the chicken broth. If using a slow cooker, drizzle in that extra tablespoon of bacon fat for richness.
Cook until tender. Slow cooker: 4 hours on high or 6–7 hours on low.
Instant Pot: 12 minutes on Manual/Pressure Cook (high), then 10-minute natural release before venting.
Stovetop: Simmer covered over low heat for 20–25 minutes, until chicken is cooked through and tender.
Shred the chicken. Transfer chicken to a cutting board and shred with two forks.
Return it to the pot and stir to combine with the creamy sauce.
Melt in the cheese. Add shredded cheddar and most of the crumbled bacon. Stir until melted and smooth. If the sauce is too thick, stir in 1–2 tablespoons of heavy cream or broth.
Taste and finish. Adjust salt and pepper if needed.
Top with remaining bacon and green onions or chives.
Serve your way. Spoon into bowls, over cauliflower rice, tucked into lettuce wraps, or alongside roasted veggies.