While pasta is boiling, heat a pan or skillet over medium heat. Fry bacon until crispy. Use a slotted spoon to transfer to paper towel lined plate.
Reserve only 1 tablespoon of bacon grease in the pan, discard the rest. Add the butter and let melt, scraping up any bits from the bottom of the pan. Sauté garlic until fragrant, about 30 seconds.
Add the cream cheese and let melt while breaking it up with the end of a wooden spoon, about 2-3 minutes.
Once cream cheese has thinned out, whisk in the heavy cream and let simmer, while whisking, until the cream cheese has dissolved, about 4-5 minutes.
Season with onion powder, garlic powder, Italian seasoning, salt, pepper and red chili flakes.
Reduce heat to low-medium and let simmer until slightly thickened. Add the parmesan cheese and let simmer until the parmesan has melted through the sauce, about 2-3 minutes.