Whisk 1/4 cup mayonnaise, 1/2 cup chopped cilantro, 1 tablespoon hot sauce and the zest and juice of 1 lime in a bowl; season with salt and pepper.
Wrap 8 hot dogs in 1 slice of bacon each; secure with toothpicks and refrigerate 30 minutes. Grill over medium heat, turning, until crispy, 12 to 15 minutes. Split open 8 bolillo or hoagie rolls, spread with butter and grill until toasted.
Spread a schmear of warm refried beans in each roll, then add a bacon-wrapped hot dog. Top with diced avocados, plum tomatoes and red onion, sliced pickled jalapenos and a squiggly drizzle of the zesty mayo. Add cilantro and more hot sauce.