Cook the chopped bacon in a large Dutch oven over medium heat until crispy. Remove and set aside.
Leave approximately 1 tablespoon bacon fat in the pot.
Season the chicken with salt, pepper, and paprika.
Brown the chicken for 4 to 5 minutes per side. Remove from the pot.
Add butter and onion. Cook for 3 to 4 minutes.
Add garlic and cook for 30 seconds.
Pour in the chicken broth and add ranch seasoning, paprika, and pepper.
Return the chicken to the pot.
Simmer for 12 to 15 minutes, or until the chicken is cooked through.
Remove and shred the chicken, then return it to the soup.
Reduce heat to low.
Add softened cream cheese gradually and whisk until smooth.
Add the heavy cream.
Stir in the shredded cheddar until melted.
Add approximately two-thirds of the cooked bacon.
Taste and adjust the seasoning.
Serve topped with remaining bacon, cheddar, green onions, or chives.