Cook bacon until crispy. Once cooled, cut into small pieces and set aside.

Heat a large pot over medium heat. Add butter or olive oil, then add onions and carrots. Cook until tender, about 10-15 minutes.

Add chicken broth to the pot and let simmer.

Once the vegetables are soft, reduce heat to medium-low and add heavy cream or half-n-half, along with all of the spices. Let simmer until it starts to reduce slightly; do not boil.

Add grated cheese in increments to prevent clumping. Let cheese melt completely.

Stir in gnocchi and cook for 2 minutes. Taste and adjust seasonings with more salt and pepper as needed.

Add bacon pieces to the soup before serving.