In a large pot or Dutch oven, heat olive oil over medium heat. Add diced chicken and cook until golden brown and cooked through. Sprinkle ranch seasoning over the chicken and stir to coat.
Pour in the chicken broth and water, then bring to a boil. Stir in the egg noodles and cook according to the package directions until tender (usually about 8–10 minutes).
Lower the heat to medium-low and stir in the cream cheese until melted and smooth. Add shredded cheddar and crumbled bacon, stirring until everything is well combined.
Pour in the heavy cream and let the soup simmer for another 5 minutes. Taste and season with salt and pepper as needed.
Ladle the soup into bowls and top with chopped green onions or parsley if desired. Serve hot and enjoy the cozy, cheesy goodness.