Muslims cannot eat bacon as bacon is pork and pork is forbidden explicitly in Islam according to Hadith and Quran and is considered impure.
Consuming bacon or pork by Muslims is a major sin, although some exceptions do exist, such as in a life threatening starvation situation, where eating bacon and pork as a Muslim to survive when they have no other food is okay.
Or if the Muslim accidentally ate and swallowed some bacon without intent, it's okay.
But other forms of bacon like beef bacon and turkey bacon is allowed to be eaten by Muslims, as long as it's prepared according to halal standards, although calling it bacon can be seen as imitating forbidden foods.
Beef, turkey or even chicken can be made into bacon like strips, if the animals are slaughtered according to halal requirements, "in God's name, by a Muslim, etc."
And products that are flavored like bacon are usually acceptable for Muslims to eat, if they don't actually contain pork.
The reason why pork is forbidden for Muslims to eat are because of obedience, impurity and Quranic command.
Following the obedience rule as a Muslim is an act of submission to God's commands, with cleanliness being a core value.
Pork is also considered ritually impure (najis) and unclean in Islam.
And Quran clearly forbids eating pork (Surah 2:173, 5:3, 16:115).