Prep the chicken: Pat the chicken dry and season with a pinch of salt and pepper. If using stovetop, warm oil in a large pot over medium heat.
Choose your method — slow cooker: Add chicken, ranch seasoning, garlic powder, onion powder, smoked paprika, cream cheese, and chicken broth to the slow cooker. Cover and cook on Low for 4–5 hours or High for 2–3 hours, until the chicken shreds easily.
Instant Pot method: Add chicken, seasonings, cream cheese, and broth.
Seal and cook on High Pressure for 10 minutes (thick breasts may need 12). Quick release pressure.
Stovetop method: Sear chicken 2–3 minutes per side for flavor. Add broth, reduce heat to medium-low, and cover.
Simmer 12–16 minutes until cooked through. Remove chicken, lower heat, and whisk in cream cheese and seasonings until smooth.
Shred the chicken: Transfer cooked chicken to a bowl and shred with two forks. Return it to the pot with the creamy sauce.
Add cheese and bacon: Stir in cheddar until melted and smooth.
Fold in most of the bacon and green onions, reserving a little for topping. Taste and adjust salt and pepper.
Serve: Garnish with remaining bacon and green onions. Spoon onto toasted buns, over rice or pasta, stuffed in baked potatoes, or into lettuce cups.