Preheat your oven to 375°F (190°C).
In a mixing bowl, combine the softened cream cheese, ranch dressing, garlic powder, onion powder, salt, and black pepper. Mix until smooth and well incorporated.
Heat the olive oil in an oven-safe skillet over medium-high heat. Optionally, use a meat mallet to gently pound the chicken breasts to even thickness.
Season the chicken breasts with a little salt and pepper. Place them in the heated skillet and sear for 2-3 minutes on each side until they are golden brown.
Pour the ranch mixture over the seared chicken breasts, ensuring each breast is coated evenly.
Sprinkle shredded cheddar cheese on top of the ranch-coated chicken.
Transfer the skillet to the preheated oven and bake for 25-30 minutes, or until the chicken is cooked through and reaches an internal temperature of 165°F (74°C).
Remove from the oven, let it rest for a few minutes, and garnish with chopped parsley if desired. Serve warm.