Place the bacon into a large cast iron skillet or large Dutch oven. Cook over medium high heat while stirring occasionally until bacon is just starting to cook and there is bacon fat in the skillet, about 2 minutes. Add the diced onions and saute for 3 minutes or until onions are starting to soften. Add the mushrooms and continue to cook until mushrooms are soft and starting to brown, about 4 minutes.
Add the softened cream cheese and stir well to combine. Slowly add the broth and stir well until you have a sauce. Taste and add salt if desired. Add more broth if you prefer a thinner sauce.
Serve over chicken, steak, burgers or a salad.
Store extras in an airtight container in the fridge for up to 4 days.