Just use it when you got nothing else to do. Like, when you're outside of your opponent's burst range.
An example is when your opponent is landing, but you're too far away to capitalize with other moves. Then bacon is your best option IMO.
Edgeguarding is probably the best use because you're setting up a bunch of hitboxes that set up to other moves, or at the very least forces your opponent to take a specific recovery-path.
Another, somewhat risky, mixup is to use it as a landing option. There is a certain height above ground where you cannot use an aerial while descending because it will just end up giving you ending lag.
A lot of people are aware of this, and will go for the grab because your only option is to airdodge, or so they believe. That's when I use the bacon, it'll crush their grab(and tornado vs MK, huehuehue)