Heat oven to 350°F. Grease a 9x13-inch baking dish or use a Dutch oven.
Cook bacon in a skillet over medium heat until crisp. Transfer bacon to a plate; reserve 2 tbsp drippings.
Soften onion and bell pepper in the drippings for 5 to 7 minutes. Stir in garlic for 30 seconds.
Whisk ketchup, molasses, brown sugar, mustard, vinegar, Worcestershire, water, paprika, salt, and pepper in a large bowl.
Fold in the drained beans, sautéed vegetables, and half the bacon.
Spread the mixture in the baking dish. Cover tightly with foil and bake 45 minutes.
Uncover, stir, and sprinkle on remaining bacon. Bake 20 to 30 minutes more until thick and bubbly.
Rest 10 minutes to thicken before serving.