Heat a large, deep skillet over medium-high heat. Add the chopped bacon and cook until evenly browned and crispy, about 5-7 minutes.
Add the diced onion to the bacon and drippings. Sauté until the onion becomes tender and translucent, approximately 3-4 minutes.
If desired, drain some of the excess bacon fat, leaving about 1-2 tablespoons in the pan for flavor.
Reduce heat to medium-low and add the brown sugar, ketchup, molasses, mustard, and Worcestershire sauce. Stir to combine with the bacon and onions.
Add the canned baked beans (including their liquid) to the skillet and gently fold to incorporate all ingredients.
Simmer the beans uncovered for 15-20 minutes, stirring occasionally, until the sauce thickens to your desired consistency.
Season with salt and pepper to taste before serving.