Cook the macaroni in salted boiling water until al dente (about 7-8 minutes). Drain and set aside.

In a skillet, cook bacon over medium heat until crispy. Transfer to paper towels, then chop. Keep 1 tbsp of the bacon grease.

Melt butter in a saucepan over medium heat. Whisk in flour and cook for 1-2 minutes until golden. Slowly pour in milk and cream while whisking constantly. Stir in garlic powder, smoked paprika, bacon grease, salt, and pepper.

Reduce heat to low. Gradually add cheeses, stirring until melted and smooth. Combine sauce with cooked macaroni and half the bacon. Pour into a greased baking dish. Top with buttered panko and remaining bacon.

Bake at 375°F (190°C) for 20-25 minutes until bubbly and golden. Let rest 5 minutes before serving.