My guess is...
It's like tomato jam, with onions and bacon....reduced to a pulpy goodness. You've already had good success on infusing a variety of things with good bacon flavor, I can see this is just the next step in your progression.
One day I went to Skillet for breakfast and I asked for a sample. The girl forgot to heat it up but I didn't care, I was happy to just lay my hands on some. Cold, it did have some little globules of fat (from the bacon grease?).