Cook the bacon: Lay 8 strips of bacon in the cream enameled skillet over medium heat and cook 8 to 10 minutes, turning once, until deeply browned and crisp at the edges.
Drain and crumble: Lift the bacon onto a paper towel-lined plate, let it cool 5 minutes, then crumble it into small pieces with your fingers or a knife.
Soften the cream cheese: Let 8 ounces of cream cheese sit at room temperature for 30 minutes, or warm it in short bursts, until it gives easily when pressed.
Beat it smooth: Using a wooden spoon or hand mixer, beat the softened cream cheese in a white mixing bowl for about 1 minute, until no lumps remain and it looks glossy.
Add the sour cream and ranch seasoning: Stir in 16 ounces of sour cream and the 1 ounce packet of ranch seasoning mix, mixing for about 1 minute until the whole bowl is a smooth, even pale cream color.
Fold in the cheddar: Add 2 cups of hand-shredded sharp cheddar cheese and fold it through with a spatula until the cheese is evenly distributed and no white streaks remain.
Fold in most of the bacon: Set aside 2 tablespoons of crumbled bacon for garnish, then fold the rest into the dip until the pieces are spread evenly throughout.
Chill: Cover the bowl tightly with plastic wrap and refrigerate for at least 2 hours, and up to 24 hours, until the dip is fully cold and firm enough to hold the mark of a spoon.
Serve: Spoon the chilled dip into a white ceramic serving dish, smooth the top, scatter the reserved bacon over it, and set out ridged potato chips for dipping right away.
Good to Know
Shred the cheddar off a block yourself. The anti-caking coating on bagged shredded cheese keeps the dip from going properly smooth and creamy.