Position racks in the upper and lower thirds of the oven; preheat to 350 degrees F. Line 2 baking sheets with parchment paper; set aside. Cook the bacon in a medium skillet over medium heat, stirring occasionally, until browned and crisp, about 10 minutes. Pour off the drippings into a small bowl, keeping the bacon in the skillet; set the drippings aside and let cool.
Add 2 teaspoons brown sugar and the water to the skillet with the bacon and cook, stirring, until the sugar dissolves and the bacon is crisp, about 1 minute. Transfer the bacon mixture to a plate and spread out; let cool.
Whisk the flour, baking powder, baking soda and salt in a medium bowl. Beat the butter, 2 tablespoons of the reserved bacon drippings, the remaining 1/2 cup brown sugar and the granulated sugar in a large bowl with a mixer on medium-high speed until light and fluffy, 2 to 3 minutes. Beat in the whole egg, egg yolk and vanilla until well combined. Reduce the mixer speed to low and beat in the flour mixture until just combined. Add the pretzels, chocolate chips, candy-coated chocolates and bacon and beat until just combined. Stir in the potato chips with a rubber spatula.
Roll the dough into large balls (about 3 tablespoons each). Arrange 2 inches apart on the prepared baking sheets. Bake, switching the pans halfway through, until the cookies are golden and set around the edges but still soft in the middle, 13 to 15 minutes. Let cool 5 minutes on the pans, then transfer to racks to cool completely.