Preheat a smoker to 250°F. Place a sheet of parchment paper on a rimmed baking sheet or cutting board to make shaping the meatloaf easier.

In a mixing bowl, combine the ground beef, egg, breadcrumbs, diced onion, garlic powder, smoked paprika, salt, and black pepper. Mix gently until just combined, taking care not to compact the meat.

Transfer the meat mixture to the parchment and pat it into a rectangle about 1/2 inch thick. Spread the softened cream cheese down the center, leaving a border around the edges. Roll the meat mixture around the filling and pinch the seam and ends closed.

Arrange the bacon slices side by side on the parchment, slightly overlapping them. Place the meatloaf seam-side down on the bacon. Wrap the bacon around it, tucking the ends underneath.

Set the wrapped meatloaf seam-side down on the smoker grate. Smoke until the center reaches 150°F, about 2 to 2 1/2 hours, checking with an instant-read thermometer.

Brush the top and sides with half of the barbecue sauce. Continue smoking until the center reaches 160°F and the bacon is browned, about 20 to 30 minutes more. Brush with the remaining barbecue sauce during the last 10 minutes.

Transfer the meatloaf to a cutting board and rest for 10 minutes before slicing. This helps the filling settle and makes neat portions.