Place bacon in a large skillet and cook over medium-high heat, turning occasionally, until evenly browned, about 10 minutes. Drain the bacon slices on paper towels; crumble when cool enough to handle.

Coat the inside of a 4-quart slow cooker with cooking spray.

Combine corn, red bell pepper, half-and-half, butter, sugar, salt, black pepper, and half the crumbled bacon in the slow cooker; stir well.

Cook on High for 2 to 2 1/2 hours.

Stir cream cheese into corn mixture; cook until cheese melts, about 10 more minutes. Stir well and top with remaining bacon before serving.