PAC stands for “proxy auto-config” and is a file for the web browser to find the right proxy server for a given URL. PacProcessor is a Android system application for processing the proxy auto-config.
com.android.pacprocessor is **not** bloatware and should not be inconsiderately deactivated or removed from your phone.
<WRAP center round important 60%>
DO NOT UNINSTALL
</WRAP>
For further information about the PAC file see Wikipedia.