Lightly grease the slow cooker with cooking spray.
Place the halved baby potatoes in the bottom of the slow cooker.
Lay the chicken breasts on top of the potatoes.
Sprinkle the ranch seasoning, garlic powder, onion powder, paprika, and black pepper evenly over the chicken and potatoes.
Pour the chicken broth around the edges of the slow cooker.
Dot the top with butter.
Cover and cook on LOW for 5 to 6 hours or HIGH for 2½ to 3½ hours, until the chicken is fully cooked and the potatoes are fork-tender.
Remove the chicken and cut or shred it into bite-sized pieces.
Stir the softened cream cheese into the cooking liquid until smooth.
Add 1 cup of the shredded cheddar cheese and stir until melted.
Return the chicken to the slow cooker and gently mix everything together.
Sprinkle the remaining cheddar cheese over the top, cover, and cook for another 10 to 15 minutes until melted.
Garnish with chopped parsley and crumbled bacon before serving, if desired