In a large bowl, use a hand mixer or sturdy whisk to beat the softened cream cheese, sour cream, and ranch seasoning mix together until completely smooth and well blended.

Using a spatula, stir in the shredded cheddar cheese until evenly distributed.

Gently fold in the chopped cooked bacon.

Transfer the dip to a serving bowl. If desired, garnish with extra shredded cheese, additional bacon bits, and sliced green onions.

Serve immediately with chips, crackers, or vegetables, or cover and refrigerate until ready to serve.