Bacon is good . . . as bacon. Wrap a fillet mignon in bacon and you end up with a $20 piece of meat that tastes like bacon. Of course, if you wanted a piece of meat that tasted like bacon you could always just buy bacon and not waste your money on an expensive steak.
Other things bacon ruins includes: hamburgers, salads, baked potatoes.
Good in BLTs, though.
That's a bit close-minded with the thinking. The point of adding the bacon is not to make the meat taste only like bacon. It's like why people add salt to foods. It's not to make the food taste like salt. It's to enhance the natural flavors of the food. The idea of wrapping bacon around a steak is to add the fat and smoked flavor which bacon provides IN ADDITION to the high level of flavor that the meat already provides.
If you have a $20 steak that you wrap in bacon, and all it tastes like is bacon, then I'm sorry, but you have no clue how to cook a steak.
Bacon mixed with certain shellfish is done because shellfish really don't have a lot of inherent fat to them so by wrapping bacon around it, or mixing with bacon, you can add fat to the fish which prevents it from drying out and getting rubbery.
Like salt, bacon has to be used moderately for it to provide the flavor enhancement you seek. Too much, and like salt, the food gets ruined. If you wrap so much bacon around your steaks that all you taste is bacon, then you've done the equivalent of putting half a pound of salt on your food. This all makes sense because bacon is pretty much just fat and salt.
Once again, the point of wrapping foods in bacon while cooking is not to make them taste like bacon. It's to enhance the natural flavor of the food, add a layer of protection for the juices inside the food, and add an aroma and enhancement due to the addition of a flavorful food.