In a large mixing bowl, use a silicone spatula to thoroughly combine the softened cream cheese, sour cream, ranch seasoning mix, garlic powder, cheddar cheese, green onions, and crumbled bacon until fully blended.
Shape the cheese mixture into a ball with the help of plastic wrap, pressing gently to mold it into a firm shape.
Transfer the wrapped cheese ball to the refrigerator and chill for at least 30 minutes to allow the flavors to develop.
When ready to serve, remove the plastic wrap and place the cheese ball on a serving plate. Serve with an assortment of crackers, vegetables, pita chips, or sliced crusty bread.