Cook the bacon in a large skillet over medium heat until crispy, about 8-10 minutes, turning occasionally to ensure even cooking. Transfer to paper towels to drain excess grease, then crumble into bite-sized pieces and set aside.

Bring a large pot of salted water to a boil and cook the elbow macaroni according to package directions until al dente, usually 7-8 minutes. Drain the pasta thoroughly and set aside.

In the same pot used for pasta, melt the butter over medium heat. Once melted and bubbling, add the flour and whisk constantly for 2 minutes to create a roux, cooking out the raw flour taste.

Gradually pour in the milk while whisking continuously to prevent lumps from forming. Continue whisking until the mixture thickens and comes to a gentle simmer, approximately 5-7 minutes.

Remove the pot from heat and add the shredded cheddar cheese and mozzarella cheese in three batches, stirring after each addition until completely melted and smooth before adding more cheese.

Add the garlic powder, onion powder, black pepper, salt, and paprika to the cheese sauce, stirring well to incorporate all seasonings evenly throughout.

Return the cooked macaroni to the pot with the cheese sauce and stir gently but thoroughly to coat every piece of pasta with the creamy cheese mixture.

Fold in three-quarters of the crumbled bacon, reserving the remaining quarter for topping, mixing until the bacon is evenly distributed throughout the mac and cheese.

Transfer the bacon mac and cheese to a serving dish and sprinkle the reserved bacon crumbles on top for presentation and extra bacon flavor in every serving.

Serve immediately while hot and creamy for the best texture and flavor experience, or keep warm in a covered dish until ready to serve.