Heat rice according to package directions.
Bring a large pot of water to a boil. Add potatoes and boil for 5 minutes or until slightly softened. Drain potatoes.
In a skillet set over medium heat, add 1/2 tbsp olive oil to heat until shimmering. Add potatoes and cook for 4 to 5 minutes without stirring, or until bottoms are golden brown. Add onion, garlic powder, 1/4 tsp paprika and cook, stirring occasionally, until onion has softened, about 3 to 4 minutes.
Arrange rice on plate. Top with potatoes, bacon, guacamole and cheese. Using a rasp-style zester, grate egg over bowl.
Drizzle with remaining oil and sprinkle with remaining smoked paprika.
For those with a heartier appetite, use 2 hard-boiled eggs per serving.
To prepare hard-boiled eggs, place cold eggs in single layer in bottom of large saucepan. Add cold water to cover the eggs by at least 1-inch. Cover with lid and bring to boil set over high heat. Remove from heat. Let eggs stand, covered, for 10 minutes. Drain and immediately run under cold water until eggs are cooled to stop the cooking process.