Preheat the oven to 375 degrees and line a baking sheet with foil.
In a large bowl, combine the ground beef, breadcrumbs, egg, diced onion, 1/4 cup barbecue sauce, garlic powder, salt, and black pepper. Mix with your hands until the ingredients are evenly distributed.
Shape the mixture into a loaf about 8 inches long and place it on the prepared baking sheet.
Lay the bacon slices across the top of the loaf, slightly overlapping them so the entire surface is covered.
Bake for 35 minutes. Remove the pan from the oven and brush the remaining 2 tablespoons of barbecue sauce over the bacon.
Return the pan to the oven and bake for 15 more minutes until the bacon is crisp and the internal temperature reaches 160 degrees. Let the meatloaf rest for 5 minutes before slicing.