Prepare the chicken by cutting it into strips about 1 inch wide. Mix garlic powder, onion powder, smoked paprika, salt, and pepper in a bowl and toss the chicken strips to coat.

Wrap each seasoned chicken strip in a slice of bacon, securing with toothpicks if necessary. Arrange on a baking sheet lined with parchment paper.

Preheat the oven to 400°F. Drizzle olive oil over the bacon-wrapped chicken. Bake for 25-30 minutes until bacon is crispy and chicken reaches an internal temperature of 165°F. In the last 5 minutes, sprinkle cheddar cheese on top.

Let the wraps cool for a few minutes before serving.