Caramelize onions: Preheat smoker to 275-300°F. In cast iron skillet on smoker, melt butter and olive oil. Add sliced onions and pinch of salt. Cook 45 to 60 minutes, stirring every 10 to 15 minutes, until jammy and golden brown. Set aside.
Make baconnaise: Cook bacon until crispy, cool, and chop finely. Mix mayo, chopped bacon, Dijon mustard, Worcestershire sauce, black pepper, and pickle juice if using. Refrigerate until assembly.
Form beef sheet: Place parchment on counter. Press 2 pounds ground beef into rectangle roughly 9x13 inches, about ¾ inch thick. Don't pack tightly. Season both sides with salt, pepper, garlic powder, onion powder, and smoked paprika. Optional: refrigerate 20 minutes to firm up.
Transfer to wire rack: Spray wire cooling rack with oil. Place rack over baking sheet. Slide beef sheet onto oiled rack.
Smoke beef sheet: Preheat smoker to 225°F with hickory, pecan, or apple wood. Place rack with beef on smoker grates. Smoke 60 to 75 minutes until internal temp reaches 140-145°F. Optional: flip once at 40 minutes for even bark.
Prepare rolls: Slice connected Hawaiian rolls horizontally, keeping all 12 connected. Place bottom layer in 9x13-inch foil pan. Brush with 2 tablespoons melted butter.
Assemble sliders: Transfer smoked beef sheet onto bottom rolls. Layer cheese, caramelized onions, and baconnaise evenly over beef. Place top rolls over filling. Brush tops with remaining melted butter and sprinkle with BBQ rub or seasoning.
Finish sliders: Increase smoker to 325-350°F. Cover pan loosely with foil. Cook 15 minutes covered. Remove foil, cook 10 to 15 minutes uncovered until cheese is melted, tops are golden, and internal temp reaches 160°F.
Rest and serve: Let rest 8 to 10 minutes. Cut into 12 individual sliders. Serve hot.