Cook the pasta by bringing a large pot of salted water to a boil, adding penne pasta, and cooking until al dente.

In a skillet, heat olive oil, add onion and garlic, and sauté until translucent.

Mix in cream cheese and ranch seasoning, stirring until smooth.

Pour in chicken broth and heavy cream, simmering until thickened.

Incorporate shredded chicken and cheddar cheese, mixing until melted.

Combine the pasta with the sauce, adjusting thickness with reserved pasta water if necessary.

Serve hot, garnished with bacon and parsley.