In a small saucepan, bring 1 1/2 cups salted water to a boil. Add rice and return to a boil. Cover, reduce to a simmer, and cook until rice is tender, about 15 minutes. Remove pan from heat and let stand 5 minutes. Fluff rice with a fork.
Meanwhile, in a large skillet, cook bacon, stirring occasionally, over medium until browned and crisp, about 10 minutes. With a slotted spoon, transfer bacon to paper towels to drain. Add garlic and onion to skillet; season with salt and pepper. Cook, stirring occasionally, until onion is soft, 5 minutes. Add tomatoes and collards; season with salt and pepper. Cover and cook until collards are tender, about 10 minutes. Transfer to a medium bowl. Wipe skillet clean.
In skillet, heat oil over medium-high and add shrimp. Season with salt and pepper and cook, undisturbed, 2 minutes. Add collard mixture and cook until shrimp are opaque throughout, 2 minutes. To serve, spoon mixture over rice and top with bacon and a few dashes hot sauce.
To prep the collard greens, stack a few leaves, fold them in half lengthwise, and cut out the tough center rib. Then, with the leaves folded, slice crosswise.