The one-liner topic do not permit tobacco use. Not in the unconditional way that we permit bacon use. We permit tobacco use at the legislative level only in the sense that it's not criminalized.
Smoking is widely banned in workplaces and public spaces in many countries. I can bring a bacon lunch to work and nobody will even know. A five-year-old sent on a shopping errand can buy bacon.
Smoking is a nuisance and a harm to people around the smoker in ways that bacon isn't.
I've not read reports of bacon being addictive; that someone has to have more and more strips of bacon everyday, and has severe withdrawal symptoms when he or she tries to quit.
Therefore, no, it doesn't seem that we can take a "why do we still permit tobacoo" lament and transliterate it to bacon such that it makes sense.
Moreover, if we could do the substitution so that it makes sense, that wouldn't necessarily make the argumentation false. Presumably, the point of the substitution would be to try to discredit the argument due to it being self-evident that bacon is good and must continue to mass-produced and freely available.
The production of bacon is a nuisance and harm to people in ways that tobacco farms are not, so I don't think you've exsanguinated my analogy as completely as you appear to think you have. :)