Heat olive oil in a large skillet over medium heat. Cook chicken until golden and fully cooked. Remove and cut into bite-sized pieces.
In the same skillet, lower heat and add cream cheese. Stir until melted and smooth.
Add ranch seasoning and milk or broth. Stir until a creamy sauce forms.
Add gnocchi directly to the skillet and simmer gently until tender, about 3–4 minutes.
Return chicken and bacon to the skillet. Stir to coat evenly.
Add shredded cheddar cheese and stir until melted and creamy.
Season with black pepper to taste and serve warm.