Preheat your smoker or oven to 350°F, setting up for indirect heat if using a smoker. Cook the diced bacon in a large skillet until crispy, then remove and set aside. Brown the ground beef in the bacon grease, breaking it apart as it cooks, then drain any excess grease.
Add the drained baked beans, cooked bacon, ground beef, diced onions, green bell pepper, red bell pepper, BBQ sauce, brown sugar, yellow mustard, hot sauce, and BBQ rub to a large cast iron skillet or foil pan. Stir everything together until the beans and vegetables are evenly coated.
Place the pan uncovered in the smoker or oven and cook at 350°F for about 1 hour, stirring after 30–40 minutes. As the beans cook, the sauce will begin to reduce and develop a thicker, richer consistency.
After the beans have cooked for about 1 hour, place the whole hot dogs directly on the grill grates. Cook for 10–15 minutes, turning occasionally, until heated through and lightly charred on the outside.
Remove the hot dogs from the grill and cut them into bite-sized pieces. Stir the sliced hot dogs into the beans, then continue cooking uncovered for another 45–60 minutes until the onions and peppers are tender and the beans are thick, glossy, and caramelized.
Remove the Smoked Beanie Weenies from the smoker or oven and let them rest for 5–10 minutes before serving. Give everything one final stir and serve warm alongside burgers, ribs, pulled pork, grilled chicken, or your favorite backyard BBQ dishes.