Preheat the oven to 425˚F (220˚C). Line a baking sheet with parchment paper.
In a large bowl, mix the ground beef, garlic powder, onion powder, pepper, salt, bread crumbs, garlic, diced onion, parsley, egg, ketchup, mustard, Worcestershire sauce, and honey until evenly combined. Set aside in the refrigerator.
Cut the 4 onions vertically on cutting board. Remove the stem and root from each piece. The layers of each onion will act as "shells" to wrap around each meatball.
Remove the meatball mixture from the refrigerator and pinch off golf ball-sized pieces of meat. Press a small cube of cheddar cheese into the middle of each meat portion, then form into a meatball shape with your hands.
Wrap each meatball in 2 onion "shells", then with 2 strips of bacon, and transfer to the prepared baking sheet.
Brush the meatballs with barbecue sauce, covering them completely.
Bake for 45 minutes, brushing again with BBQ sauce halfway through, until deep brown with a nice crust on the outside.