Preheat the oven to 400 degrees.
Prepare a 9X13 baking dish by spraying the bottom and sides with non-stick spray.
Using a very large bowl, mix together the cream cheese (once it is well softened it can be mashed with a fork but I find that it's easier to fully incorporate it by using an electric mixer), sour cream, salt, pepper, onion powder, garlic powder, and Ranch Dressing mix.
Then stir in 2 cups of shredded cheddar cheese and about half of the chopped bacon. Add and mix in the hashbrown potatoes.
Pour this mixture into the prepared pan spread out evenly.
Bake the casserole covered for 40 minutes.
Remove it from the oven and sprinkle on the remaining 1 cup of shredded cheese and the remaining bacon. Return the casserole to the oven to continue baking, uncovered, for another 10 minutes.