Bacon is expensive now, too. Apparently, China used to buy lots of American pork, but Chinese consumers had little interest in bacon (or other products made from pork bellies)... so the result of Chinese consumers buying more and more American pork was a relative surplus of pork bellies available to sell in the US. Pork in general was more expensive (because American consumers were competing with Chinese consumers to buy American pork), but bacon was cheaper relative to pork in general than it had ever been in history.
That said... bacon available in the US is arguably a lot better now than it was a couple of years ago. The breed of pigs that produce the kind of pork considered highly desirable by Chinese consumers actually kind of SUCKS for making things like bacon. The surging popularity of those breeds is why we got to the point where someone picky about bacon literally had to pick through the entire stock at a store like Walmart or Publix, and sometimes had to walk away and go to another store entirely to find a pack or few of "good" bacon (with lots of well-marbled fat, vs being more like strips of thinly-sliced ham). Now that Chinese buyers have mostly walked away from American pork, American farmers have gone back to favoring the breed known for producing the variety of pork AMERICANS tend to prefer (and that makes really, really GOOD bacon).
Anyway, if what I wrote makes no sense... go to Walmart, and really LOOK at the bacon sold under Walmart's own brand. In particular, compare the appearance of the bacon in their 24oz packs to the bacon in their 12oz packs. Generally speaking, their supplier (at least, to their stores in Florida) uses the best parts of pork bellies to make the 24oz packs, and uses the worst leftover parts to make the 12oz packs. They still have plenty of shitty 24oz packs, and occasional decent 12oz packs, but the 24oz packs are the ones were you're the most likely to find nice, neat, strips of fatty bacon that microwaves flawlessly... while the 12oz packs are the ones most likely to be a mess of tailings and leathery tough meat. The 16oz packs fall somewhere in between... some good, mostly bad.