Preheat Oven: Preheat your oven to 400°F (200°C).

Prepare Chicken: Place the chicken breasts on a cutting board and pound them to an even thickness of about ¼ to ½ inch. Season both sides with garlic powder, onion powder, black pepper, and cayenne pepper (if using). 

Cook Bacon: In a large skillet over medium-high heat, cook the diced bacon until crispy. Remove the bacon and set aside, leaving the bacon fat in the skillet.

Sear Chicken: Add olive oil to the skillet with the bacon fat. Sear the chicken breasts for 2-3 minutes on each side until golden brown. They do not need to be fully cooked at this stage.

Prepare Cream Cheese Mixture: In a bowl, combine softened cream cheese and ranch seasoning mix until well blended. 

Assemble Dish: Place the seared chicken breasts in a greased 9×13-inch baking dish. Spread the cream cheese mixture evenly over each piece. Sprinkle shredded cheddar cheese on top, followed by the cooked bacon. 

Bake: Bake in the preheated oven for 15-17 minutes, or until the chicken is cooked through and the cheese is melted and bubbly.

Garnish and Serve: Remove from the oven and garnish with sliced green onions. Serve hot.