If you feel that there are a few too many calories in this pasta, you can safely reduce the amount of bacon. Bacon is not meant to be a filling or a main ingredient in the dish, but rather a flavouring factor.
Bring a large pan of water to the boil. When the water boils, add a generous amount of salt and bring the spaghetti to a simmer "al dente".
Cut the bacon into small pieces. Wash and dice the peppers. Chop the garlic cloves.
Take a large pan and start frying the bacon pieces in it - they will separate as they cook. Add the diced peppers to the pan too and fry until they soften a little. Season with garlic and a generous grinding of pepper.
Add the cream and half the grated cheese. Remove the pan from the heat and stir the bacon sauce for a couple of minutes until the cheese melts.
When the spaghetti is cooked, pour off the water and drizzle with olive oil. Stir the spaghetti into the sauce in a saucepan along with the remaining grated cheese.
Let the bacon pasta sit in the pan for a while and enjoy. Enjoy generously.