Heat a skillet over medium to medium-high heat. Add bacon and brown to crisp. Remove to plate to drain. Add Panko crumbs to the pan with the bacon drippings and toast to golden brown. Add parsley and grated cheese. Toss to combine, turn off heat and reserve the crumbs.
Heat 2 tablespoons oil in a large skillet with tight-fitting lid over medium heat. Add onions and garlic, and cook to soften, 3-4 minutes, stirring frequently. Add red pepper and cherry tomatoes. Season with salt and pepper, and cover pan tightly with lid. Cook, shaking occasionally, until tomatoes begin to burst, about 8 minutes. Remove cover and gently mash up the tomatoes a bit with a wooden spoon.
Meanwhile, bring a pot of water to a boil for pasta. Salt water and cook bowties. Just before draining, add a cup of the starchy liquid to the cherry tomato sauce. Drain pasta.
Add arugula and basil to the tomato sauce, along with the reserved bacon and drained bowties. Season with black pepper and salt, and toss to combine. Garnish bowls of pasta with the seasoned crumbs and serve.