Cook the chopped bacon in a large skillet over medium heat until crispy. Remove the bacon with a slotted spoon and set aside on a paper towel-lined plate to drain excess grease.
In the same skillet, add the diced onion and cook until it becomes translucent about 5 minutes. Add the minced garlic and cook for another minute until fragrant.
Deglaze the skillet with bourbon, using a wooden spoon to scrape up any browned bits from the bottom of the skillet. Cook for 1-2 minutes or until the bourbon has reduced slightly.
Add the cooked bacon back into the skillet, along with the maple syrup, brown sugar, apple cider vinegar, smoked paprika, and cayenne pepper (if desired). Stir well to combine all the ingredients.
Reduce the heat to low and let the mixture simmer for 1 to 1.5 hours, stirring occasionally, until the bacon becomes tender and the mixture thickens. If the jam starts to stick to the bottom of the skillet, add a splash of water and continue cooking.
Once the jam has thickened to your desired consistency, remove it from the heat and let it cool slightly. Transfer the jam to a food processor or blender and pulse a few times to create a chunky texture. Alternatively, you can use an immersion blender directly in the skillet.
Season with salt and pepper to taste. Allow the jam to cool completely before transferring it to sterilized jars or airtight containers. Store in the refrigerator for up to 2 weeks.