Cook the pasta according to package instructions. Drain and set aside.
Heat olive oil in a large skillet over medium-high heat.
Season diced chicken with salt, pepper, garlic powder, and onion powder. Cook until golden and fully cooked. Remove and set aside.
In the same skillet, cook bacon until crispy. Remove and set aside on a paper towel-lined plate.
Drain excess fat from skillet, then add heavy cream, chicken broth, and ranch dressing. Stir and bring to a simmer.
Reduce heat and mix in mozzarella and Parmesan cheese until melted and smooth.
Add cooked chicken, bacon, and pasta back into the skillet. Toss to coat evenly.
Garnish with parsley if desired and serve warm.