Heat the pot over medium-high heat and add the olive oil. Once it shimmers, add the ground beef in batches, breaking it into small pieces with your spoon and cooking until deeply browned and no pink remains, about 8 to 10 minutes total.

Remove all but 2 tablespoons of excess fat from the pot. Add the diced onions and cook, stirring occasionally, until they become soft and translucent, about 5 minutes.

Stir in the minced garlic and cook for about 1 minute, until fragrant.

Add the chili powder, cumin, smoked paprika, cayenne, oregano, salt, and pepper all at once. Stir constantly for about 1 to 2 minutes until the spices become fragrant and coat the meat and vegetables.

Stir in the tomato paste, coating everything evenly, and let it cook undisturbed for about 2 minutes until it deepens in color.

Pour in the crushed tomatoes, diced tomatoes with their liquid, beef broth, Worcestershire sauce, and hot sauce if using. Stir well, scraping up any browned bits stuck to the bottom of the pot.

Bring the chili to a gentle boil, then reduce the heat to low, creating just a few lazy bubbles breaking the surface. Partially cover the pot with a lid, leaving it slightly ajar so steam can escape.

Let the chili simmer for about 2 hours, stirring occasionally to prevent sticking. Taste at the 90-minute mark and adjust salt or spices if needed.

The chili is done when it reaches a rich, deep brown color and has thickened to your preferred consistency. If too thin, simmer uncovered for another 15 minutes; if too thick, add beef broth a half-cup at a time.

Remove from heat and let the chili rest for 5 to 10 minutes before serving.