Bring a pot of water to boil with salt and cook pasta 1 min before al dente, drain, and reserve 1/2 cup of pasta water.
In a large skillet, cook the bacon over medium-low heat until crispy, then transfer to a plate lined with a paper towel to catch excess grease. Get rid of any black bits in the pan, but keep the browned bits—reserve 2 tbsp bacon grease.
Increase heat to medium and pour in chicken broth, gently scraping the browned bits from the bottom. Add in the cherry tomatoes. Cover and cook for 4 minutes, or until the cherry tomatoes are starting to split. Add the garlic and cook for 1 minute or until aromatic.
Stir in the tomato paste until thoroughly combined, spread out, and not too clumpy. Season with salt, pepper, mustard powder, oregano, onion powder, and red pepper flakes if using. Simmer for 3 minutes, stirring often.
Stir in the heavy cream and stir in the basil. Add red pepper flakes, if using. Simmer until slightly thickened, about 5 minutes, stirring often so it doesn't overboil.
Turn the heat to low and slowly add in the parmesan cheese, stirring as you add in more cheese. Toss in the pasta and add the pasta water, cook for 1 minute more or until the pasta is al dente. Stir in half the bacon, then serve with the remaining bacon on top.