Bring a large pot of salted water to a rolling boil. Add the penne pasta and cook for 9 to 12 minutes until al dente. Drain, reserving a small cup of starchy pasta water, set aside.

In a large skillet, heat 2 tablespoons of olive oil over medium heat. Add the finely chopped onion and minced garlic. Sauté for 3 to 4 minutes until the onion is translucent.

Reduce the heat to low and stir in the softened cream cheese and ranch seasoning mix. Stir for 2 minutes until melted and blended. Gradually add chicken broth and heavy cream, stirring until smooth.

Increase the heat to medium and add shredded chicken, sharp cheddar cheese, and half of the crumbled bacon. Cook for another 3 to 5 minutes.

Add the cooked penne pasta to the skillet and gently toss to coat. If too thick, add reserved pasta water gradually until desired consistency.

Remove from heat and transfer to serving bowls. Top with remaining bacon and garnish with freshly chopped parsley. Serve warm.