Cook bacon in large skillet on medium heat until crisp. Remove from pan and drain on paper towels. Add hominy to skillet with bacon drippings; cook and stir 5 minutes or until lightly browned. Remove from pan; set aside.
For the Bacon Thyme Dipping Sauce:
Place pepper jelly, vinegar, 1/4 teaspoon of the thyme, and 1 slice of the cooked bacon in small food processor or blender container; cover. Process on high until well blended and smooth; set aside. Crumble remaining bacon slices; set aside.
For the Hominy Fritters:
Mix cornmeal, flour, baking powder, sugar, sea salt, garlic powder, and remaining 1/2 teaspoon thyme in large bowl. Add green onions, remaining crumbled bacon, eggs, and milk; stir until just blended. Gently stir in hominy. Batter will be lumpy. Do not over stir.
Pour about 2" oil into large heavy saucepan. Heat to 350ºF on medium heat. Drop batter by tablespoonfuls, a few at a time, into hot oil. Fry 4 minutes or until golden brown, turning once. Skim and remove any cooked fritter crumbs between batches. Drain on paper towels. Serve fritters with dipping sauce.
Hominy is dried corn which has been soaked in limewater to remove the hulls and soften the kernels. Canned hominy is available in the canned vegetables or Latin aisles of supermarkets.