Start by washing the collard greens thoroughly under cold water to remove any dirt, then remove the tough stems and chop the leaves into bite-sized pieces. Roughly chop the green cabbage into 2-inch pieces. Dice the onion and red bell pepper into uniform sizes (about 1/2-inch pieces for the pepper and similar for the onion so they cook evenly). Mince the garlic fresh if possible for the best flavor—I find freshly minced garlic adds so much more brightness than pre-minced. Chop the bacon into 1/2-inch pieces. Having everything prepped and ready will make the cooking process smooth and ensure nothing gets overcooked while you're chopping other ingredients.
In a large pot or Dutch oven, cook the bacon pieces over medium-high heat, stirring occasionally, until they're browned and crispy (about 8-10 minutes). Once the bacon is done, remove it with a slotted spoon and set it aside, leaving about 2 tablespoons of the rendered bacon fat in the pot for cooking. Add the diced onion and red bell pepper to the hot fat and sauté for 3-4 minutes, stirring frequently, until they soften and become fragrant. This technique of rendering the bacon fat and using it to cook the aromatics creates a deeply flavorful foundation that will season the entire dish.
Add the chopped collard greens and cabbage to the pot with the softened aromatics, stirring well to coat everything with the bacon fat. The greens will look like a lot in the pot, but they'll wilt down significantly as they cook. Add the minced garlic and stir for about 30 seconds until fragrant. Pour in the water, then add the seasoning salt and coarse black pepper (I always use freshly ground pepper here—it makes a noticeable difference in flavor). Stir everything together thoroughly, making sure the salt and pepper are evenly distributed throughout the greens, and add the reserved cooked bacon back into the pot.
Bring the pot to a gentle simmer, then reduce the heat to medium-low and cook uncovered for 45 minutes to 1 hour, stirring occasionally. The greens will progressively wilt and soften, and the cabbage will become tender while absorbing all the smoky, savory flavors from the bacon and seasonings. The collard greens are done when they're completely tender and the liquid has reduced slightly—you want some of that flavorful broth left in the pot to serve with the greens. Taste and adjust the seasoning if needed before serving.