To prepare salsa, combine bell pepper, basil, oil, 1/8 teaspoon salt, and tomato; set aside.
To prepare polenta, bring water to a boil in a medium saucepan. Add corn, cornmeal, and 1/4 teaspoon salt. Cook 2 minutes or until cornmeal mixture returns to a boil, stirring constantly. Reduce heat to low; cook 20 minutes or until thick, stirring frequently. Stir in remaining 1/4 teaspoon salt, Parmesan cheese, butter, and black pepper. Cover and keep warm.
To prepare eggs, while polenta cooks, add water to a large skillet, filling two-thirds full; bring to a boil. Reduce heat; simmer. Break eggs into each of 4 (6-ounce) custard cups coated with cooking spray. Place custard cups in simmering water in pan. Cover pan; cook 6 minutes. Remove custard cups from water; carefully remove eggs from custard cups.
Spoon about 1 cup polenta onto each of 4 plates; top each serving with about 3 tablespoons salsa and 1 poached egg. Sprinkle evenly with bacon.