In a large skillet over medium heat, add diced bacon and fry until crispy, about 5-7 minutes. Transfer the bacon to a paper towel-lined plate to drain excess fat, leaving the drippings in the skillet for flavor.

In the same skillet, add a splash of extra-virgin olive oil and let it heat for a minute. Add the shelf-stable gnocchi and sauté for 5-7 minutes, stirring occasionally until they turn golden brown and crispy. Remove the gnocchi and set aside with the bacon.

With the skillet still warm, toss in the chopped onion and sauté for about 5 minutes until softened and translucent. Stir in the minced garlic and chopped fresh thyme, cooking for an additional minute until fragrant.

Gradually whisk in the reduced-fat milk, softened cream cheese, unseasoned canned pumpkin, and ground black pepper. Stir continuously for about 3-4 minutes until the mixture is smooth and creamy.

Return the sautéed gnocchi and crispy bacon to the skillet, gently tossing everything in the velvety pumpkin sauce until well coated. Heat for another 2-3 minutes.

Finally, stir in the grated Parmesan cheese, allowing it to melt into the sauce. Taste and adjust seasoning with more pepper or salt if necessary. Serve hot.