Heat olive oil in a large Dutch oven or heavy-bottomed pot over medium-high heat.
Add the ground beef and cook until thoroughly browned, breaking it into small crumbles with a spatula.
Drain the excess fat from the pot, leaving approximately one tablespoon for flavor.
Add the diced onion to the pot and sauté for 5 minutes until translucent.
Stir in the minced garlic and tomato paste, cooking for an additional 2 minutes until the paste darkens slightly.
Incorporate the chili powder, cumin, smoked paprika, oregano, cayenne, salt, and pepper, stirring for 1 minute to toast the spices.
Pour in the crushed tomatoes and beef broth, stirring well to deglaze the bottom of the pot.
Bring the liquid to a gentle boil, then immediately reduce the heat to low.
Simmer uncovered for 75 to 90 minutes, stirring occasionally, until the liquid has reduced and the chili reaches a thick consistency.
Taste and adjust seasoning with additional salt or pepper as required before serving hot.