This makes you keep the directory foo, but I think this is the best way to make it work.
Directory setup:
bar
├── __init__.py
└── baz.py
foo
└── __init__.py
foo_bar.py
bar/__init__.py .
bar/baz.py: worked = True
foo/__init__.py:
import sys
import bar
sys.modules[__name__] = sys.modules['bar']
sys.modules[__name__] = __import__('bar')
foo_bar.py:
import foo.baz
assert(hasattr(foo, 'baz') and hasattr(foo.baz, 'worked'))
assert(foo.baz.worked)
import bar
assert(foo is bar)