Cook pasta according to package instructions. Once cooked, reserve ½ cup of the pasta water. Drain pasta.
While the pasta cooks, cook bacon over medium-high heat until cooked. Use a slotted spoon to remove bacon to a paper towel-lined plate. Pour off all about 1 tablespoon of bacon drippings.
Add onion and carrot and cook until softened, about 5 minutes. Add chicken broth, peas, and Italian seasoning. Bring to a boil and cook for 2 minutes.
Remove from heat and stir in cream cheese and Parmesan. Add enough of the pasta water to make it creamy - add slowly so it doesn't get too watery. Season to taste with salt and pepper.
Serve with extra Parmesan and black pepper, if desired.