In 12-inch nonstick skillet, cook bacon over medium-high heat, turning occasionally, until crisp. Drain on paper towels. Crumble bacon.
Spray 3- to 4-quart slow cooker with cooking spray. In cooker, mix corn, bell pepper, milk, butter, sugar, salt, pepper and half of the bacon. Refrigerate remaining bacon.
Cover; cook on High heat setting 2 hours to 2 hours 30 minutes.
Stir in cream cheese. Cook on High heat setting 10 minutes longer. Stir well; sprinkle with remaining bacon. Corn can be kept warm on Low heat setting up to 1 hour.