Heat the oil in a large pot over medium heat. Add the chopped onion and cook until it becomes translucent and fragrant, about 3-4 minutes.
Add the minced garlic and cook for another 30 seconds until it releases a fragrant aroma.
Stir in the ground meat and cook, breaking it apart with your spoon, until browned and cooked through, about 5-7 minutes.
Mix in the chili powder, cumin, smoked paprika, cayenne (if using), and salt. Cook for 1-2 minutes, allowing spices to toast and become fragrant.
Add the diced tomatoes and drained beans to the pot, stirring well to combine everything evenly.
Pour in the broth and bring the mixture to a gentle boil, then reduce heat to low and cover loosely.
Allow the chili to simmer uncovered for 30-40 minutes, stirring occasionally, until it thickens and flavors meld together.
Once the chili is nearly ready, pour in the smoky bourbon and stir gently into the mixture.
Simmer the chili for an additional 5 minutes to let the bourbon infuse and deepen the smoky flavor.
Taste the chili and adjust seasoning if needed. Serve hot, garnished with your favorite toppings, and enjoy the rich, smoky aroma and hearty texture.