Cook bacon in a medium skillet over medium-high heat for 6-8 minutes until crispy and golden brown. Drain on paper towels.

Lower heat and caramelize chopped yellow onions in the rendered bacon fat for 30-40 minutes, stirring occasionally until deep golden brown.

In a large mixing bowl, combine cooled caramelized onions and crispy bacon. Add cream cheese and sour cream, mixing until smooth. Season with salt and pepper.

Transfer dip to an airtight container and refrigerate for at least 2 hours to allow flavors to meld.

Before serving, let dip sit at room temperature for 15-20 minutes. Top with freshly chopped chives and serve with chips or veggies.