Preheat the oven to 350 degrees F (175 degrees C). Fill 48 mini muffin cups with paper liners.

Beat sugar and butter together in a large bowl using an electric mixer until fluffy. Add eggs one at a time, beating well after each addition. Beat in vanilla extract.

Combine flour, cinnamon, baking powder, baking soda, salt, and nutmeg in a medium bowl. Add to the sugar mixture, 1/2 cup at a time, alternating with buttermilk. Mix well after each addition. Fill muffin cups 2/3 full of batter.

Bake in the preheated oven until a toothpick inserted into the center of a cupcake comes out clean, 18 to 21 minutes. Cool completely on a wire rack before frosting, at least 20 minutes.

Beat butter and shortening together until fluffy to start the frosting. Beat in maple syrup and salt. Add confectioners' sugar; beat until smooth. Frost the cooled cupcakes and sprinkle bacon crumbles and raw sugar on top.