Cook macaroni noodles, hot dogs, and bacon according to each package’s directions. Crumble the bacon.
Melt the butter in a large skillet over medium heat. Add flour and whisk until well combined. Let it sit about a minute, then pour in milk. Season with salt and pepper. Let the sauce thicken, roughly 3 minutes, then add the cheese. Stir until the cheese is melted and the sauce is creamy. Fold in the cooked macaroni and the cooked bacon crumbles.
Place a hot dog in each bun. Top hot dogs with mac ’n’ cheese. Garnish with more bacon, jalapeno slices, and hot sauce.