Bring a large pot of salted water to a boil. Add the penne pasta and cook until al dente, typically 8-10 minutes. Reserve about a cup of the pasta water before draining.

Heat a tablespoon of olive oil in a large skillet over medium heat. Add diced onion and minced garlic, and sauté for 3-4 minutes until translucent and fragrant.

Reduce the heat to low and add softened cream cheese and ranch seasoning to the skillet. Stir continuously until smooth and creamy, about 2-3 minutes.

Pour in chicken broth and heavy cream, stirring until well combined and slightly thickened, about 4-5 minutes.

Stir in shredded cooked chicken, half of the crispy bacon, and sharp cheddar cheese. Stir until everything has melted together, about 2-3 minutes.

Add the drained penne directly into the skillet and toss everything together until combined. Add reserved pasta water as needed for desired consistency.

Transfer to serving plates, top with remaining crispy bacon and sprinkle with fresh parsley before serving.