Prepare a barrel smoker. You want the temperature to be between 225°F and 250°F (107°C and 121°C).
Place the ketchup in a large metal bowl, place the bowl in the smoker, and add a handful of the soaked hickory chips to the coals. Smoke the ketchup for 2 hours, stirring every 30 minutes. Be mindful of maintaining a consistent temperature inside the smoker, adding charcoal as needed to keep it in the 225°F to 250°F range (107°C and 121°C). You may need to add more soaked hickory chips to keep the smoke flowing.
Dump the smoked ketchup into a large pot. Add the bourbon, mustard, molasses, water, hot red pepper sauce, brown sugar, Worcestershire sauce, onion powder, garlic powder, bacon drippings, and salt and stir well to combine. Place over low heat and cook, stirring occasionally for about 30 minutes, or until the sugar has dissolved and the sauce has thickened and darkened slightly.
Immediately slather the sauce over some ribs or other meat of some sort. Any leftover sauce will keep, tightly covered, in the refrigerator for up to 2 weeks.