Tasting of, resembling, or containing bacon; having qualities similar to cured and smoked pork meat.
From bacon + -y suffix, which transforms nouns into adjectives meaning 'resembling' or 'full of.' Common pattern in English (meaty, grainy, fruity).
The -y suffix is incredibly productive in English—you can add it to almost any noun to describe something resembling that thing, which is why we can spontaneously call things 'bacony' even if it's not a 'real' dictionary word yet.
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