Place a large skillet over medium-high heat. Add the diced bacon to the skillet and cook until crispy, stirring often, about 5 to 8 minutes. Remove the bacon to a paper towel-lined plate to drain. Reserve the bacon fat.
In a large mixing bowl, mix together the flour, baking powder, and salt.
Separate the egg yolks and egg whites. Place the egg whites in a medium mixing bowl and the yolks in a small bowl.
Add the sugar to the egg yolks and mix to combine. Set aside.
Using a hand mixer, beat the egg whites until medium peaks form. Set aside.
Pour the milk into a measuring cup. Add the egg yolk mixture and whisk to combine.
Pour 1 tablespoon of bacon fat in a bowl, set aside. Add the rest of the bacon fat and the melted butter to the milk mixture, and whisk to combine.
Pour the milk mixture into the flour mixture and whisk until incorporated.
Add the peanut butter to bowl with the bacon fat and microwave for 30 seconds. Stir until smooth. Heat for 15 more seconds if needed, until the peanut butter is runny.
Pour 2 tablespoons of peanut butter into the waffle batter. Save the rest. Whisk to combine.
Fold the egg whites into the waffle batter. Add 1/3 of the cooked bacon to the waffle batter and stir to combine.
Heat your waffle iron and spray with a light coat of non-stick cooking spray. Pour about 3/4 cup of the waffle batter (being sure to get some of the bacon in your scoops) into the waffles iron. Close the iron and cook until the waffle is cooked through and golden.
Remove the waffle from the iron. Repeat until all of the batter has been cooked.
To Assemble:
Place 1/4 of the waffle on a plate. Drizzle a little of the peanut butter over the waffle and top with banana slices. Cover the bananas with nothing 1/4 waffle, drizzle with peanut butter and top with bananas. Repeat once two more times until you have 4 waffle pieces stacked. On the top waffle piece, place the bananas first, then drizzle with peanut butter, and sprinkle with bacon.
If desired, drizzle your waffles with honey or maple syrup. Serve immediately.
Notes
If you prefer, you can stack 1/2 waffle at a time creating a sandwich effect instead of a waffle tower.If you don't want the bacon mixed in with your waffle batter, be sure to sprinkle bacon in between the waffle layers, with the bananas, as you assemble.