Add the chopped bacon to a large skillet or Dutch oven set over medium-high heat. Once the bacon is sizzling, reduce the heat to medium-low and cover with a lid. Cook, stirring occasionally until the bacon pieces are golden and release their grease. Remove the lid and continue cooking until the desired doneness is reached.
Remove the bacon using a slotted spoon to a plate lined with paper towels and set aside. Reserve 2 tablespoons of bacon grease in the pan, save the rest for later use.
Meanwhile, in a small bowl combine the salt, black pepper, garlic powder, and onion powder.
Pat each chicken breast dry with paper towels and slice them in half lengthwise to make four thinner chicken breast cutlets. Season both sides of the chicken with the seasoning mixture and transfer the chicken to a large ziplock bag filled with all-purpose flour. Dredge the chicken in the flour until completely covered in flour.
Set the pan or skillet with the reserved bacon grease over medium-high heat. Gently shake off any excess flour from the chicken and add the chicken to the skillet.
Sear each side for approximately 3-5 minutes, or until golden and nearly cooked through. Remove the chicken to a clean plate and set them aside.
In the same skillet set over medium heat add the olive oil, butter, and diced onion. Cook, stirring occasionally until the onion is softened. Mix in the minced garlic and cook for an additional minute, or until fragrant.
Stir in the chicken broth and bring to a low boil. Reduce heat to medium-low and stir in the heavy cream, fresh thyme, and bacon. Do not boil the cream sauce.
Return the chicken back to the pan. Cover and continue to cook until the chicken reaches an internal temperature of 165°F. Season with additional salt and black pepper, to taste.
Serve with freshly grated parmesan cheese, if desired.