In a Dutch oven, cook the bacon over medium heat until the fat is rendered, 8 to 10 minutes. Transfer the bacon to a paper towel-lined plate and reserve. Add the onion to pan and cook until translucent, about 10 minutes.
Reduce the heat to low, add the beans, ketchup, sugar, preserves, chicken broth, bourbon, mustard, salt, pepper, garlic powder and reserved bacon and stir until well combined. Bring to a simmer. Cover and bake for 40 minutes. Stir before serving.