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Cook bacon in a large (12-inch) cast-iron skillet over medium-low, stirring occasionally, until crisp, 8 to 10 minutes. Transfer bacon to a paper towel-lined plate using a slotted spoon; reserve drippings in skillet.
Add 1 tablespoon of the canola oil to drippings in skillet; increase heat to medium-high. Add potatoes in a single layer; cook, covered, undisturbed, until potatoes are crisped on bottoms, about 7 minutes. Uncover; stir potatoes, and stir in remaining 1 tablespoon canola oil. Cook, covered, until potatoes are well browned, about 5 minutes.
Uncover skillet; create 4 wells in potatoes using back of a spoon. Crack 1 egg into each well. Sprinkle entire skillet with salt and pepper. Sprinkle potatoes with cheese, being careful not to cover eggs with cheese. Cook over medium-high, covered, until cheese is melted and egg whites are set but yolks are still mostly runny, about 3 minutes. Remove from heat; let stand 2 minutes. Sprinkle skillet with scallions and cooked bacon; drizzle with hot sauce.