1. Microwave beets and water to cover in a microwave-safe bowl at HIGH 8 to 10 minutes or until crisp-tender. Let stand 30 minutes. Drain and rinse beets.
2. Stir together white balsamic vinegar, next 3 ingredients, and 2 Tbsp. water; pour into a large zip-top plastic freezer bag. Add beets and onion. Seal and chill 4 hours.
3. Drain beets and onion, reserving 1/3 cup pickling liquid. Discard remaining liquid. Whisk together olive oil, next 2 ingredients, and reserved 1/3 cup pickling liquid until smooth. Add salt and pepper to taste. Toss together bacon, next 5 ingredients, and desired amount of dressing. Serve with beets, onions, and remaining dressing.