I don't think it is ruined, that would be up to your taste. It isn't poisoned or anything so you can try it.
Maybe next time, cook the bacon first then reheat and add it crumbled as a garnish when you serve the soup. As for the drippings, if you have precooked the bacon and collect them from the pan, then you can add some as you cook it, and this allows you to control the amount you add to the soup instead of the entire amount leeching into your soup as it melts.
And yes in your situation, remove the bacon from the soup. My mom used to boil bacon in her pots of pinto beans on the stove and leave it in. The meat part is okay but the fat is just gnarly and in general, boiled bacon is about the grossest thing ever and it was years before I really could appreciate a pot of beans.