Chop bacon into bite-sized pieces. Cook in a skillet over medium heat until crispy, about 7-10 minutes. Drain on paper towels and set aside. Save a tablespoon of bacon fat if desired.

Spray slow cooker insert with non-stick cooking spray or rub with butter to prevent sticking.

In a medium bowl, combine softened cream cheese, sour cream, ranch seasoning, garlic powder, and onion powder. Stir until smooth and creamy.

Place chicken breasts or thighs in the bottom of the slow cooker. Pour chicken broth over the chicken, then spread the creamy ranch mixture evenly on top. Do not stir.

Cover and cook on low for 3 to 4 hours, or until chicken is tender and reaches an internal temperature of 165°F (74°C).

Remove chicken and shred with two forks. Return shredded chicken to the slow cooker and stir to combine with the sauce.

Stir in crispy bacon pieces and shredded cheddar cheese. Cover and let sit for 5-10 minutes to melt the cheese.

Garnish with chopped fresh parsley. Serve over rice, pasta, mashed potatoes, or buttered egg noodles.