Combine the softened cream cheese, shredded cheddar cheese, ranch seasoning, sour cream, bacon bits, and chopped green onions in a large mixing bowl. Stir all ingredients together until fully mixed and smooth, ensuring no large chunks of cream cheese remain.

Line a large piece of plastic wrap inside a bowl to help maintain the shape of the cheese mixture. Transfer the prepared cheese mixture from the mixing bowl into the plastic wrap-lined bowl.

Use the plastic wrap to gently lift and shape the cheese mixture into a round ball, pressing it into form as you go. Once shaped, leave it wrapped and refrigerate for at least 4 hours, or preferably overnight, for best flavor and firmness.

When you are ready to serve, unwrap the cheese ball and place it on a serving plate. For an extra touch, you can roll it in crushed nuts, additional bacon, or fresh herbs if desired.