Cook the penne pasta according to package instructions until al dente. Drain and set aside.
Heat olive oil in a large skillet over medium heat. Add diced chicken, season with salt, pepper, and ranch seasoning, and cook until browned and cooked through.
Reduce heat to low and add cream cheese, stirring until melted and creamy.
Pour in chicken broth and stir to create a smooth sauce.
Add cooked pasta, shredded cheddar, and crumbled bacon. Toss until everything is coated in the sauce.
Sprinkle sliced green onions on top before serving.