Pancetta is cured, and the focus is really on how this happens. This can be done simply with salt, but spices and other aromatics are often added to infuse the pancetta with particular flavors.
These packs are the tasty end bits that come from slicing. The pancetta cubes are often used like bacon, sautéed with onions or garlic to form the base of a soup, pasta, or risotto.
Pancetta is cured and unsmoked, while bacon is cured and smoked, but both need to be cooked before being eaten. They can be used interchangeably in dishes, depending on whether or not you want a smoky flavor.