Soak the hickory wood chips in water according to the smoker’s directions. Preheat the smoker to 250°F.
In a large mixing bowl, combine the egg, breadcrumbs, milk, diced onion, Worcestershire sauce, salt, and black pepper. Add the ground beef and mix gently until just combined.
Shape the mixture into a compact loaf. Lay the bacon slices across the loaf, slightly overlapping them, and tuck the ends underneath.
Place the meatloaf on a foil-lined baking pan or smoker-safe tray. Add the drained wood chips to the smoker according to its instructions, then set the pan inside.
Smoke until the center reaches 150°F, then brush the top and sides with half of the barbecue sauce. Continue smoking until the center reaches 160°F and the bacon is cooked through, brushing with the remaining sauce during the final 10 minutes.
Remove the meatloaf from the smoker and let it rest for 10 minutes before slicing.