While your slow cooker is heating, cook the bacon until crisp, then crumble it into 1/2-inch pieces and set aside. In a medium saucepan over medium heat, combine the cream of chicken soup, chicken broth, and ranch dressing mix, stirring until the ranch mix is fully dissolved and no lumps remain. Once the mixture is warm and combined, add the room-temperature cream cheese in chunks, stirring constantly until it melts completely and the sauce becomes smooth and creamy. Stir in the garlic powder, then remove from heat. I find that warming the sauce before adding it to the slow cooker helps it integrate better with the chicken and prevents any clumping of the cream cheese.
Place the chicken breasts in the slow cooker in a single layer if possible, or slightly overlapping if necessary. Pour the prepared sauce from Step 1 over the chicken, ensuring all pieces are coated. Sprinkle the crumbled bacon over the top, reserving a small handful for garnish if desired. Cover and cook on low for 4 to 6 hours—the chicken should be tender and easily shredded with a fork when done. I like to check it around the 4-hour mark; boneless skinless breasts cook faster than you'd expect in a slow cooker, and overcooked chicken can become stringy and dry.
Once the chicken is cooked through and tender, stir in the cheddar cheese until completely melted and incorporated into the sauce. Taste and adjust seasonings if needed. Serve the crack chicken and sauce over your choice of pasta, rice, or potatoes, making sure each serving gets plenty of the creamy sauce and a generous portion of bacon.