Fill a large pot with lightly salted water and bring to a boil. Stir in penne and return to a boil. Cook penne uncovered, stirring occasionally, until tender yet firm to the bite, 8 to 10 minutes. Drain and set aside.

Meanwhile, cook pancetta in a large skillet over medium heat until browned but not crispy, about 5 minutes. Drain on a paper towel-lined plate and set aside. Discard pancetta grease.

Melt butter in same skillet over medium-high heat; stir in mushrooms. Cook and stir until mushrooms softened and released their liquid. Add garlic; cook 2 minutes. Reduce heat to medium-low; stir in cream and Italian seasoning. Simmer until sauce has slightly thickened.

Off heat, add penne to sauce; toss to coat. Sprinkle with Parmesan cheese; serve.