In a large bowl, combine the ground beef, breadcrumbs, egg, BBQ sauce, Worcestershire sauce, salt, black pepper, garlic powder, onion powder, and smoked paprika. Mix gently until just combined, being careful not to overmix. Divide the mixture into 12 equal portions.
Flatten each portion into a small disc and place a cube of cheddar cheese in the center. Wrap the meat around the cheese, sealing completely to prevent leaks. Wrap each meatball with a half slice of bacon and secure with a toothpick.
To bake, preheat the oven to 400°F (200°C). Place the bacon bombs on a wire rack set over a lined baking sheet and bake for 25 to 30 minutes, flipping halfway through. Brush with extra BBQ sauce during the last 5 minutes and cook until the bacon is crisp and the internal temperature reaches 160°F (71°C).
To grill, preheat the grill to 375°F to 400°F. Cook for 20 to 25 minutes, turning every 5 minutes. Brush with BBQ sauce during the final 5 minutes and cook until the bacon is crisp and the cheese is melted.
To air fry, preheat the air fryer to 375°F. Arrange the bacon bombs in a single layer and cook for 12 to 15 minutes, flipping halfway through. Brush with BBQ sauce and air fry for 2 more minutes until golden brown and crispy.
Let the bacon bombs rest for 3 to 5 minutes before serving. Serve warm with extra BBQ sauce for dipping.