Take the cream cheese out of the fridge and leave it on the counter for at least 30 minutes to soften.
Arrange the chicken breasts in a single layer at the bottom of your 6-quart slow cooker, then sprinkle the cooked bacon evenly on top.
In a medium saucepan set to medium heat, combine the softened cream cheese, cream of chicken soup, chicken broth, ranch seasoning, and cheddar cheese.
Stir the mixture constantly with a whisk over medium heat until everything is melted together into a smooth, lump-free sauce, about 5 minutes.
Pour this creamy ranch sauce over the chicken and bacon, making sure all pieces are fully covered.
Cover your slow cooker and let it cook on LOW for 4 to 6 hours, until the chicken is thoroughly cooked and shreds easily.
Once done, shred the chicken right in the slow cooker using two forks, then mix it well into the sauce.
Serve hot over your choice of rice, mashed potatoes, or pasta, and garnish with extra cheddar or fresh herbs if you like.