Cook onion in oil in a 2-quart heavy saucepan over moderate heat, stirring until softened. Add garlic and cook, stirring, 30 seconds.
Add bulgur, broth and water and bring to a boil. Reduce heat and simmer, covered, until bulgur is tender and creamy - like risotto - about 25 minutes.
While bulgur is simmering, cook bacon in a skillet over medium heat, stirring, until crisp; drain on paper towels.
Stir spinach into bulgur until wilted, then stir in cheese, half the bacon and salt and pepper to taste.
Serve the 'risotto' sprinkled with remaining bacon.