Cook bacon in large skillet on medium heat until crisp. Remove from pan and drain on paper towels. Add hominy to skillet with bacon drippings; cook and stir 5 minutes or until lightly browned. Remove from pan; set aside.
Place pepper jelly, vinegar, 1/2 teaspoon of the thyme and 3 slices of the cooked bacon in small food processor or blender container; cover. Process on high until well blended and smooth; set aside. Crumble remaining bacon slices; set aside.
Mix cornmeal, flour, baking powder, sugar, sea salt, garlic powder and remaining 1 teaspoon thyme in large bowl. Add green onions, remaining crumbled bacon, eggs and milk; stir until just blended. Gently stir in hominy. Batter will be lumpy. Do not over stir.
Pour about 2 inches oil into large heavy saucepan. Heat to 350ºF on medium heat. Drop batter by tablespoonfuls, a few at a time, into hot oil. Fry 4 minutes or until golden brown, turning once. Skim and remove any cooked fritter crumbs between batches. Drain on paper towels. Serve fritters with Bacon Thyme Dipping Sauce.