Allow the pork chops to reach room temperature on the countertop. Preheat a large skillet over medium-high heat and add 2 tablespoons of oil.
In a bowl, mix the flour, seasoning salt, paprika, onion powder, garlic powder, thyme, and black pepper. Coat the pork chops in the flour mixture, shaking off the excess, and set aside the leftover flour mixture. Place the coated pork chops in the hot skillet and sear for 2–3 minutes on each side until golden brown. Remove the chops to a plate and cover to retain warmth.
In the same skillet, cook the diced bacon until crispy. Melt the butter into the rendered bacon fat, then add the diced onion and sauté until soft and fragrant. Stir in 2 tablespoons of the reserved flour mixture, cooking for 1–2 minutes until the raw flour taste dissipates. If needed, add a bit more butter to absorb the flour.
Gradually pour in the chicken broth and heavy whipping cream, stirring until the sauce is smooth and well combined. Return the pork chops to the skillet, simmering gently until the gravy thickens and the pork reaches an internal temperature of 145°F, about 4–5 minutes. Take care not to overcook.
Serve the pork chops smothered in the rich bacon gravy.