Heat olive oil in a large soup pot over medium heat. Add the chopped bacon and cook until crispy. Remove bacon from the pot and set aside, leaving the flavorful bacon grease behind.

In the same pot with the bacon grease, add diced onion and minced garlic. Sauté until fragrant and translucent, about 3-4 minutes.

Add diced chicken breasts to the pot and cook until they are no longer pink, about 5-6 minutes.

Pour in the chicken broth and heavy cream, stirring well to combine. Add dried thyme, dried parsley, salt, and pepper. Bring the mixture to a simmer.

Let the soup simmer for 10-15 minutes, allowing the flavors to meld together and the soup to slightly thicken.

Stir in shredded cheddar cheese, crispy bacon, and ranch seasoning mix, ensuring everything is well incorporated.

Ladle the soup into bowls and garnish with extra shredded cheese and bacon bits if desired. Serve hot and savor every spoonful of this creamy, savory delight!