Cook the bacon in a large, deep skillet over medium-high heat until evenly browned, about 10 minutes; drain on a plate lined with paper towels. Crumble the bacon once cooled enough to handle.
Heat the olive oil in a skillet over medium heat; cook and stir the onion and garlic in the hot oil until translucent, about 5 minutes; transfer to a bowl. Add the crumbled bacon, light mayonnaise, blue cheese, and black pepper to the onion and garlic; stir to combine.
