In a large pot, cook the chopped bacon over medium heat until crispy. Remove and set aside, leaving the drippings in the pot.

Add the diced onion to the pot and sauté until translucent, about 5 minutes.

Stir in the minced garlic and cook for an additional minute until fragrant.

Pour in the chicken broth and bring to a simmer.

Add the heavy cream, dried thyme, salt, and black pepper. Stir to combine.

Add the gnocchi to the simmering soup and cook according to package instructions, usually about 3-5 minutes.

Once the gnocchi is cooked, stir in the shredded cheddar cheese until melted and smooth.

Return the crispy bacon to the pot and stir to combine.

Ladle the soup into bowls and garnish with chopped parsley before serving.