Preheat your oven to 375°F (190°C).
In a skillet over medium heat, cook the bacon until crispy. Remove the bacon from the skillet and let it drain on paper towels. Once cooled, crumble the bacon into small pieces.
Season the chicken breasts with garlic powder, onion powder, paprika, salt, and pepper on both sides.
In the same skillet with the bacon drippings, add olive oil and heat over medium-high heat. Add the seasoned chicken breasts and sear for about 4-5 minutes on each side until golden brown.
Transfer the seared chicken to a baking dish. Top each chicken breast with crumbled bacon and shredded cheddar cheese.
Bake in the preheated oven for 20-25 minutes, or until the chicken is cooked through and the cheese is melted and bubbly.
Remove from the oven and let it rest for 5 minutes before serving. Garnish with fresh parsley if desired.