Heat the smoker to 250°F. Line a rimmed baking sheet with foil, then set a wire rack on top.
In a large bowl, combine the breadcrumbs and milk. Let them sit for a minute, then mix in the egg, onion, garlic, Worcestershire sauce, salt, and black pepper.
Add the ground beef and gently mix until just combined. Shape the mixture into a compact loaf on the prepared rack. Avoid packing it too tightly so the meatloaf stays tender.
Lay the bacon slices across the loaf, slightly overlapping them. Tuck the ends underneath to hold the bacon in place.
Place the meatloaf in the smoker and cook until the center reaches 150°F, about 1½ to 2 hours depending on the loaf’s shape and the smoker.
While it smokes, stir together the BBQ sauce, adobo sauce, and smoked paprika. Brush about half of the glaze over the bacon-wrapped loaf.
Continue smoking until the center reaches 160°F and the bacon is browned, about 20 to 30 minutes more. Brush on the remaining glaze during the last 10 minutes.
Remove the meatloaf from the smoker and let it rest for 10 minutes before slicing. This helps the slices hold together.