It looked promising (they DID invent the spray whipped topping.) Bacon in minutes without the messy clean up.
These foil wrapped packets of goodness were a godsend. But, there WERE problems. The packets tended to leak hot grease, creating an instant fire hazard and a disgusting mess in your toaster. Often, you had to throw out the toaster.
Eventually, this idea would be revisited again with pre-cooked microwavable bacon in the late '80s.