Cook the penne pasta according to package instructions in a large pot of boiling salted water until al dente. Drain and set aside.
In a large skillet, heat the olive oil over medium heat. Add the diced chicken and season with salt and pepper. Cook for about 5-7 minutes, or until the chicken is cooked through and no longer pink. Remove the chicken from the skillet and set aside.
In the same skillet, add the bacon slices and cook until crispy. Once cooked, remove the bacon, crumble it, and set aside, leaving the bacon grease in the skillet.
In the skillet with the bacon grease, reduce the heat to low and add the heavy cream. Whisk in the ranch seasoning mix and allow it to simmer for 2-3 minutes, stirring occasionally.
Stir in the shredded cheddar cheese until melted and smooth.
Add the cooked chicken and pasta to the skillet, tossing until everything is well combined and coated in the creamy ranch sauce.
Finally, mix in the crumbled bacon and heat for another minute until everything is warmed through. Adjust seasoning if needed.
Serve hot, garnished with fresh chopped parsley if desired.