In a large Dutch oven over medium heat, fry the diced bacon until browned, around 10 minutes, depending on the thickness and size of your bacon.
Add the diced onions and saute for 1 to 2 minutes before adding the beef.
Cook the beef, making sure to use a wooden spoon until the beef is more than half cooked before adding the salt, pepper, chili powder, cumin, garlic powder, onion powder, paprika, red pepper flakes, and dried oregano. Cook for a minute, making sure the seasoning is well blended into the meat.
Add the diced bell peppers and cook for a minute. Deglaze with a few splashed of broth as needed.
Add the tomato paste and cook for another minute.
Add the crushed tomatoes, diced tomatoes, beef broth, Worcestershire sauce, sugar, and bay leaves to the pot. Stir well to combine.
Add the beans and stir to combine. Cover bring the chili to a boil over medium heat and simmer on medium-low for 60 to 65 minutes. Feel free to uncover and continue to simmer until it reaches your desired level of thickness.
Taste and season additionally if desired. Remove and discard the bay leaves before serving with the toppings of your choice.