Preheat your oven to 400°F. Arrange bacon strips on a wire rack over a baking sheet; bake 8–10 minutes until crispy. Chop and set aside.
In a roomy mixing bowl, whisk together softened cream cheese, sour cream and ranch seasoning until completely smooth and silky.
Gently fold in chopped bacon, shredded cheddar and green onions. Add smoked paprika or hot sauce if you like a smoky kick.
Spoon into a serving bowl and refrigerate 10–15 minutes to let flavors meld and the dip firm up slightly.
Garnish with extra bacon bits, cheddar and sliced green onions. Serve with potato chips, crackers or fresh veggies.