Bring water that is deep enough to cover the corn to a boil in a large pot. When the water comes to a boil place the corn in the water. Cook the corn for 15 to 20 minutes until kernels are cooked, but still crisp. Use tongs to remove the corn to a plate and allow the corn to rest while prepping the other ingredients.
While the corn is cooking, remove the papery outer skin from the onion. Dice the onion.
Heat the olive oil in a medium skillet over medium-high heat. Add in the diced onion. Saute the onions, stirring them often for 5 minutes. Reduce the heat to low and cover the pan. Cook the onions for 20 minutes more, stirring them occasionally as they brown and soften.
Remove the pan from the stove and spoon the onions with any drippings into a large bowl.
Hold an ear of corn on its flat end on a cutting board. Use a sharp knife to slice through the kernels from the tip down, and repeat this around the whole cob to remove all the cooked corn. Repeat these steps with the rest of the corn, then add the kernels to the bowl with the onions.
Chop the cooked bacon on a cutting board into small pieces, and then add these to the bowl, too.
Sprinkle the chili powder and salt over the contents of the bowl, then stir everything together making sure the spices are well distributed.
Serve this salsa while it is still warm with tortilla chips. It is also a delicious condiment on burgers and hot dogs, and on grilled chicken.
Leftover salsa can be stored in a covered dish for up to three days. The recipes makes about 4 cups.