Heat the olive oil in a Dutch oven over medium-high heat.
Add the ground beef, season with salt and pepper, and cook until browned, breaking it up with a wooden spoon.
Stir in the diced onion, bell pepper, and garlic. Cook for about 4 minutes until the vegetables soften.
Add the chili powder, cumin, dried oregano, and smoked paprika, stirring well to coat the beef and vegetables.
Stir in the tomato paste and cook for 3 minutes.
Add the diced fire-roasted tomatoes and mix well.
Pour in the beef broth (or beer + broth combination), scraping up any browned bits from the bottom of the pot.
Drop in the bay leaf and bring the chili to a steady simmer. Reduce the heat and let it simmer for 25 to 30 minutes, stirring occasionally.
Optional: For a deeper flavor, allow the chili to simmer for 3 to 4 hours, adding extra liquid (water or broth, 1 cup at a time) as needed.
Remove from heat, discard the bay leaf, and taste for seasoning. Adjust salt and pepper if needed.
Ladle the chili into bowls and garnish with shredded cheddar cheese, jalapeƱos, sour cream, and chopped cilantro. Serve warm.