Creamy bacon and cheddar gnocchi soup

Creamy bacon and cheddar gnocchi soup 🥣

▢ 8-10 slices Bacon
▢ 1 Tablespoon Butter or Olive Oil
▢ 1 large Onion (diced)
▢ 2 large Carrots (peeled and sliced into small pieces)
▢ 4 cups Chicken Broth
▢ 1 to 2 teaspoons Salt
▢ 1 teaspoon Pepper
▢ 1 teaspoon Garlic Powder (or 4 cloves minced garlic)
▢ 1/4 teaspoon Dried Thyme
▢ 1/2 to 1 teaspoon Red Chili Flakes
▢ 16 ounces Gnocchi
▢ 2 cups Heavy Cream or Half-n-Half
▢ 2 cups Cheddar Cheese