Prepare hollandaise sauce following package directions, using 2 tablespoons butter and 1 cup water for the amount indicated. Stir in lemon juice.
Cook bacon in large nonstick skillet until browned. Keep warm.
Bring 2 to 3 inches of water to boiling in large skillet. Reduce heat to keep water gently simmering. Break eggs, 1 at a time, into a cup; slip into skillet. Cook until whites are completely set and yolks begin to thicken, but are not hard, 3 to 5 minutes. Remove eggs with slotted spoon. Drain on paper toweling.
Place one split muffin on each of 4 plates. Top half of each muffin with bacon slice. Place poached egg on top of bacon slice. Spoon 2 tablespoons sauce over each egg. Sprinkle with paprika, if desired. Serve immediately. Refrigerate leftover sauce to serve with vegetables for other meals.