Heat the olive oil in your pot over medium heat until shimmering, then add the chopped onion. Cook for 5-7 minutes, stirring occasionally, until the onion turns translucent and fragrant, filling the kitchen with a sweet aroma.
Add the minced garlic to the pot and cook for 30 seconds, stirring constantly until you smell a pungent aroma and the garlic turns slightly golden, but not burnt.
Push the onions and garlic to one side of the pot, then add the ground beef. Break it apart with your spoon and cook for 8-10 minutes until browned and no longer pink, the meat should sizzle as it hits the hot surface.
Sprinkle in the chili powder, cumin, and smoked paprika. Stir well to coat the meat and vegetables, then cook for 1-2 minutes until the spices are fragrant and slightly darker in color, unlocking their full aroma.
Pour in the chopped tomatoes and beef broth, scraping the bottom of the pot to loosen any browned bits. Bring the mixture to a gentle simmer, then lower the heat to low, cover loosely, and simmer for 45 minutes, stirring occasionally, until the chili thickens and flavors meld.
About 10 minutes before serving, stir in the drained black beans. Let the beans heat through gently for a few minutes, avoiding overcooking to keep their texture intact.
Check the seasoning and add salt, pepper, or more chili if you want extra heat. The chili should be thick, bubbling gently, with a smoky aroma and tender meat. When ready, taste and adjust the seasonings as needed.