Preheat your oven to 375 degrees F. Line a baking sheet with aluminum foil and place a wire rack over the foil. (The rack will allow the bacon to crisp up on all sides as it bakes.)
Remove the bacon from its package, keeping it all together. Cut the bacon strips in half and then cut each half again to create quarter-length strips. Set aside.
In a small bowl, mix the brown sugar and chili powder together until well combined.
Wrap each tater tot in a small bacon strip and then roll it in the brown sugar mixture. Place the wrapped tater tots on top of the cooling rack.
Bake for 10 to 15 minutes. Then, increase the oven temperature to 400 degrees F and cook for another 5 minutes. (Check to see if the bacon has crisped up. You may need to leave the tots in for another 5 minutes to reach the desired crispiness. Check frequently so they don't burn.)
Carefully remove the pan from the oven. Repeat with the remaining tater tots as needed. Transfer to a serving platter and sprinkle with parsley or chives, if desired.
In a medium bowl, stir together the mayo and sriracha until combined. Serve along side the warm tots for dipping.
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Notes
Nutritional information is for tots only and does not include the dipping sauce.
This recipe uses about half of a 32-ounce bag of frozen tater tots. You can double the amount of bacon, brown sugar, and chili powder to use up the whole bag of tots (and feed a crowd) is desired.