Yup, it is the fat hitting hot metal and the heater that makes the smoke, not the bacon itself but then what cut the smoke for me was treating the bottom like a grease trap and a few tablespoons of water in the drawer before you start keeps drippings from burning, and a piece of bread under the basket soaks up the overflow.
I like, also keep the strips in a single layer and pause halfway to pour off the fat and wipe the drawer. The last piece is cleaning the top area regularly since old splatter burns the second the element comes on. Do those three and the alarm will chill.