Preheat the oven to 400 degrees F (200 degrees C). Line a baking sheet with aluminum foil.
Preheat a smoker to 275 to 300 degrees F (135 to 150 degrees C) according to the manufacturer's instructions. Add wood chips according to instructions.
Lay bacon strips in a single layer on the prepared baking sheet.
Bake in the preheated oven until browned and crisp, about 15 minutes. Drain bacon strips on paper towels; cool slightly, about 5 minutes. Place in the bowl of a food processor; pulse until crumbly.
Meanwhile, bring a large pot of lightly salted water to a boil. Cook elbow macaroni in the boiling water, stirring occasionally, until tender yet firm to the bite, about 8 minutes. Drain.
Combine heavy cream, Cheddar cheese, Colby Jack cheese, sour cream, mayonnaise, butter, and barbecue rub in the warm pasta pot; add drained macaroni. Stir well until cheese melts. Transfer to a 9x13 inch aluminum pan; sprinkle bacon on top.
Place the pan on the rack in the preheated smoker; cook until cheese is bubbly, about 3 ½ hours.
Smoked Mac and Cheese · Dinner Match Lab | Dinner Match Lab