Preheat your oven to 375F and move the rack to the top third of the oven.
Cook the bacon in a large oven-proof skillet until crispy (I cut it up quickly using kitchen shears). Transfer the bacon to a paper towel lined plate, and leave about 2 tablespoons of bacon fat in the skillet.
Season the chicken breasts with the garlic powder and pepper, then add them to the skillet and sear for 5 minutes/side over medium-high heat.
Meanwhile, add the cream cheese (microwave it for 30 seconds or until soft if it's straight out of the fridge), ranch seasoning, scallions, and about half of the cooked bacon to a bowl. Stir until smooth.
Once the chicken has been seared, take the skillet off the heat. Spread the cream cheese mixture equally over the top of each piece of chicken, then sprinkle the cheddar over top, followed by the rest of the bacon. If you don't have an oven-proof skillet, transfer the chicken to a baking dish for this step.
Bake, uncovered, for 20 minutes. If your chicken breasts are on the smaller side, try 15 minutes then test for doneness (chicken is cooked at 165F).
Let the chicken rest for a few minutes prior to serving so it's nice and juicy.