Preheat oven to 400°F. Line a rimmed sheet pan with foil, set a rack on top, and lightly oil the rack.
Combine breadcrumbs and milk in a small bowl. Let it soak for 5 minutes.
Stir together the glaze: BBQ sauce, brown sugar, and chili powder. Set aside.
Mix beef, beaten egg, Worcestershire, 2 tbsp BBQ sauce, onion and garlic powders, paprika, salt, and pepper in a large bowl.
Fold in the soaked breadcrumbs until just combined. Do not overwork the meat.
Roll the mixture into 1 to 1¼-inch meatballs, about 24 pieces.
Cut bacon slices in half. Wrap each meatball with a half strip, seam-side down, securing with a toothpick.
Arrange meatballs on the rack and bake for 18 minutes.
Brush generously with the glaze. Bake 10–12 minutes more, until bacon is crisp and centers reach 160°F. Broil briefly if needed.
Rest 5 minutes before serving. Brush with extra sauce if desired.