Cook bacon in large saucepan or Dutch oven over medium-low heat until crisp. Remove bacon from pan, drain and discard all but 1 tablespoon drippings. Add garlic to drippings; cook 30 seconds or until fragrant.
Add undrained tomatoes, tomato sauce and water; stir. Bring to a boil over high heat; stir in tortellini. Return to a boil; cover and simmer over medium-low heat 6 minutes or until tortellini is tender, stirring gently after 3 minutes.
Add cream cheese; stir until completely melted. Stir in bacon and peas. Return to a boil; simmer 2 minutes. Sprinkle liberally with pepper, if desired.