Preheat a smoker to 250°F. In a large bowl, whisk together the egg, milk, ketchup, mustard, garlic powder, smoked paprika, salt, and black pepper.
Add the ground beef, breadcrumbs, crumbled bacon, and ¼ cup of the cheddar. Mix gently until combined, taking care not to pack the meat mixture too tightly.
Shape the mixture into a compact loaf and place it on a smoker-safe tray. Smoke until the center reaches 160°F, checking the temperature with an instant-read thermometer.
While the meatloaf smokes, bake the frozen fries according to the package directions until golden and crisp. Warm the prepared beef gravy in a saucepan over low heat, stirring occasionally.
Transfer the cooked meatloaf to a cutting board and let it rest for 5 to 10 minutes. Slice into four portions.
Arrange the fries on a platter or individual plates. Add a slice of meatloaf to each portion, sprinkle with the remaining cheddar, and spoon warm gravy over the fries and meatloaf. Serve right away.