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Spray a 9x9-inch square baking pan with cooking spray. Line with parchment paper and press down to stick. Set aside.
Measure out 2 cups pretzels, then place in a food processor and pulse a few times to crush into medium-sized crumbs. Alternatively, place pretzels in a 1-gallon plastic bag and pound into pieces.
Add pretzels, melted butter, confectioner’s sugar, and 1 cup peanut butter to a bowl. Stir well until pretzel crumbs are fully coated. Pour into the prepared pan; use the back of a spoon to smooth into an even layer.
Add chocolate chips, remaining peanut butter, and half the toffee bits to a microwave-safe bowl. Melt in the microwave, stirring every 30 seconds until melted. Pour over pretzel layer and smooth the top. Sprinkle with remaining toffee bits and some additional crushed pretzels, if desired.
Chill for at least 1 hour or up to overnight. Cut into bars to serve.