Crisp the bacon. In a large pot or Dutch oven, cook the bacon over medium heat until crispy.
Remove to a paper towel–lined plate. Pour off excess fat, leaving about 1 tablespoon in the pot.
Sauté the aromatics. Add butter and olive oil. Stir in onion, carrots, and celery.
Cook 5–7 minutes until softened and lightly golden. Add garlic and cook 30 seconds until fragrant.
Build the base. Pour in chicken broth. Stir in ranch seasoning, smoked paprika, and red pepper flakes if using.
Bring to a gentle boil.
Add the noodles. Stir in egg noodles and reduce to a lively simmer. Cook according to package directions, usually 6–8 minutes, until just shy of al dente.
Make it creamy. Lower the heat. Add cream cheese cubes and whisk or stir until completely melted and smooth.
If you see tiny flecks, keep stirring; they’ll melt as the soup simmers gently.
Add the chicken and cheddar. Stir in shredded chicken and cheddar. Let it warm through 2–3 minutes, stirring so the cheese melts evenly.
Finish and season. Crumble in most of the bacon, reserving some for topping. Add heavy cream if you want it richer.
Taste and add salt and pepper as needed.
Serve. Ladle into bowls and top with remaining bacon and fresh herbs. Serve hot with crusty bread or a simple green salad.