Most on-line sources claim the phrase originated in 1104 in a small town in Essex, England.
In the third paragraph the author states he prefers the boxer story.
Personally, I think the usage of that idiom is older than 117 years.
Maybe there's a good reason for the bacon thing, or maybe some guy just tended to buy bacon on payday. /shrug
"It sounds cool and kids' parents hate it" goes back to at least the 50s. It's an arms race of kids/teens trying to invent their own slang that their parents won't understand and then that language being picked up in popular culture and becoming more widely used and then kids try to come up with new terms.
(We had a lot of fun with "yeet," "hype," "been knew," and a few others with my kids a few years ago.)