First, they are using "cherry powder", which I'm almost sure is ground cherry flesh, not pits. At least, all the examples I can find online are the fruit (https://www.google.com/search?q=%22cherry+powder%22), and I'm doubtful that they would be legally allowed to call pits "powder", since most cherry pits are often considered to be poisonous.
Second, the ingredients need to be order of weight. There is more salt, potassium chloride and seasoning than "cherry powder". While I'm sure their bacon is really seasoned and salty, this doesn't leave much room for a "bulking agent". And I'd be really surprised that "cherry powder" is cheaper than "turkey", as I recently bought an after-thanksgiving turkey for well less than $1/lb.
I'd be betting that the "cherry powder" is either being used as a flavoring, for the color, or to justify some spurious nutritional claim. But if you have more in-depth knowledge that would support your position that it's just cheap bulking agent, I'm happy to be wrong!
