Preheat grill to medium-high heat (about 375 degrees F).
Place chicken breasts between two sheets of parchment paper and use a heavy rolling pin or pan to pound chicken to an even thickness. Drizzle chicken with oil and season with salt, pepper and garlic powder on both sides.
Grill chicken for about 5 to 7 minutes per side, or until internal temperature reaches 160 degrees F.
Meanwhile cut bacon into bite-size pieces and cook in a large skillet over medium-high heat until crisp. Drain off all but 1 tbsp of grease and return pan and bacon to stove top. Turn heat to low and add in ranch dressing, stirring to form a sauce.
Add the grilled chicken to the pan and coat with sauce, letting simmer for a minute or two. Serve immediately and enjoy!