Make the meatloaf: Preheat oven to 350°. In a medium skillet set over medium heat, heat the oil and cook the onion and garlic until soft, 5 to 7 minutes. Stir in the ketchup and Worcestershire sauce. Season with salt and pepper and simmer for 5 minutes.
In a large bowl, combine the ground beef, ground pork, cooked onion and ketchup mixture, eggs and thyme. Add the panko and mix well.
Make the glaze: In a medium saucepan set over medium heat, combine the ketchup, cumin, Worcestershire, hot sauce and brown sugar. Bring to a simmer and cook for 5 minutes.
Lightly grease a loaf pan or baking sheet with 1 tablespoon melted butter. Form a log on the cookie sheet or in the pan and lightly coat the top with some of the glaze. Lay the bacon slices across the loaf lengthwise with the pieces touching each other.
Place in the oven and bake until the meatloaf is firm, 1 to 1½ hours. Remove from the oven and set aside to cool before slicing. Serve with the remaining glaze.