Preheat smoker to 250°F using a mild wood like apple, cherry, or pecan.
Melt the butter in a small saucepan or microwave-safe bowl, then stir in the honey until smooth.
Whisk in the Cajun Honey Rub and optional cayenne until fully combined.
Place Bugles in a large bowl and pour the warm butter mixture over them, tossing gently until evenly coated.
Spread the Bugles in a single layer on a parchment-lined sheet pan or shallow disposable pan.
Place the pan in the smoker and smoke for 45 minutes, stirring every 15 minutes to prevent sticking and ensure even coating.
Remove from the smoker once the Bugles look glossy and mostly dry.
Let cool completely on the pan to allow the glaze to set and crisp.