This shirt is a little ambiguous, and that's why it's art.
Some say that great art is characterized by its breadth of interpretability. That is, great works of all kinds can be understood and interpreted differently. There is no single way to appreciate Hamlet, and that's what makes Hamlet Hamlet.
Take this shirt. We are visiting a pig fortune teller that is predicting bacon in our future. But are we going to eat bacon in the future, or are we also a pig about to become bacon? More macabre yet, is the fortune teller predicting that we are about to eat her? That would be a prognostication of Greek Tragedy proportions.
"But Woot," you might say. "You're over-thinking it. It's just a fun bacon shirt." Yes, but that's criticism's raison d'etre: To ruin otherwise enjoyable things by over-analyzing them. That's how you know it's important.