Cook the pasta according to package instructions in a large pot of salted boiling water until al dente. Reserve 1/2 cup of pasta water, then drain the pasta and set aside.
In a large skillet over medium heat, cook the chopped bacon until crispy, about 5-7 minutes. Remove the bacon with a slotted spoon and place it on a paper towel-lined plate to drain.
In the same skillet with the bacon drippings, add the olive oil and minced garlic. Sauté for about 1 minute until fragrant, being careful not to burn the garlic.
Pour in the heavy cream and bring to a simmer. Stir in the Parmesan cheese until melted and smooth. If the sauce is too thick, add a little reserved pasta water to reach your desired consistency.
Add the cooked pasta to the skillet, tossing to coat in the creamy sauce. Stir in the crispy bacon and season with salt, pepper, and red pepper flakes if using.
Serve immediately, garnished with fresh parsley.