Boil the penne pasta in salted water until al dente. Drain and set aside.
In a saucepan, melt butter over medium heat. Stir in heavy cream, ranch dressing, garlic powder, onion powder, and black pepper. Let it simmer for 5 minutes.
In a large bowl, mix the cooked pasta, shredded chicken, crumbled bacon, and half of the mozzarella and cheddar cheese. Pour the creamy sauce over the mixture and toss to combine.
Transfer everything to a greased baking dish, sprinkle the remaining cheese on top, and bake at 375°F (190°C) for 20 minutes or until bubbly and golden.