Cook the bacon strips in a large skillet over medium-high heat for about 8 minutes until crispy, then transfer to a paper towel-lined plate and crumble once cooled. In the same skillet with the bacon fat, add the butter and thinly sliced onions. Cook over medium-high heat for 5-8 minutes, stirring occasionally, until the onions begin to soften and lighten in color. Then reduce heat to medium-low and continue cooking for 15-20 minutes more, stirring frequently, until the onions are deeply golden brown and sweet—this caramelization creates the flavor backbone of the salad. I like to let the onions sit undisturbed for a minute or two between stirs to develop that golden color more efficiently.
While the onions are caramelizing (you can start this after the first 5-8 minutes of onion cooking), bring a large pot of salted water to a boil and cook the pasta according to package directions until al dente. Drain the pasta and rinse with cold water to stop the cooking process and cool it down for the salad. In another skillet, heat a bit of oil or butter over medium-high heat and cook the diced chicken breast pieces for 6-8 minutes, stirring occasionally, until cooked through and lightly golden on the edges. Season the chicken with the garlic powder as it cooks. I find that dicing the chicken into uniform 3/4-inch pieces ensures everything cooks evenly and creates better texture in the final salad.
In a large bowl, combine the cooled pasta from Step 2, crumbled bacon from Step 1, caramelized onions from Step 1, cooked chicken from Step 2, monterey jack cheese cubes, and roasted red peppers. Pour the Italian dressing over the mixture and toss well until everything is evenly coated and combined. Let the salad sit for a few minutes before serving to allow the flavors to meld together.