In a large pot, heat olive oil over medium heat. Add the diced chicken seasoned with salt, pepper, garlic powder, and onion powder. Sauté until browned and cooked through (about 5-7 minutes).
Stir in buffalo sauce, ranch dressing, and chicken broth until well combined. Bring to a boil.
Add penne pasta to the boiling mixture. Cover and simmer for about 12-15 minutes until the pasta is al dente.
Remove from heat and stir in shredded cheddar cheese until melted and creamy.