Preheat the oven to 350 degrees F. Spray a 12-cup bundt pan with nonstick cooking spray.
Stir together the ketchup, mayonnaise, pickles and mustard in a medium bowl. Season with salt and set aside.
Arrange the bacon in a large skillet and heat over medium. Cook until golden and crispy, about 4 minutes per side. Transfer the bacon to a paper towel-lined plate; pour the drippings out of the skillet and reserve for another use. Cut the bacon into 1-inch pieces.
Heat the oil in the same skillet over medium-high heat. When it starts to shimmer, add the ground beef, a pinch of salt and a few grinds of pepper. Cook, breaking the meat up with a wooden spoon, until lightly browned in spots and just cooked through, 3 to 4 minutes. Add the onion and cook, stirring constantly, until just translucent and tender, about 2 minutes. Use a large slotted spoon to scoop the meat mixture into a medium bowl, leaving the liquid behind. Stir in 1 cup of the ketchup sauce. Let cool slightly. Fold in the chopped American cheese.
Put the sesame seeds in a shallow bowl.
Separate each biscuit into 2 thinner rounds (the dough is layered, so it will divide easily). Flatten a piece of dough between your hands. Spoon about 1 tablespoon of the ground beef mixture into the center of the dough and top with a piece of bacon. Gather the dough around the filling and seal into a little ball. Dip the smooth bottom of the ball into the sesame seeds. Place the ball into the prepared bundt pan, seed-side down, and repeat until the bottom of the pan is covered. Split the remaining biscuits and stuff with the bacon and filling using the same method -- but don't dip in the sesame seeds. Add to the bundt pan in an even layer.
Bake the monkey bread until golden brown and the balls are no longer doughy, 50 to 55 minutes. Invert onto a platter and remove the pan. Let rest for 10 minutes. Serve warm with the remaining ketchup sauce for dipping.
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