Heat 1 tablespoon of olive oil in a large Dutch oven or heavy-bottomed pot over medium-high heat. Add the ground beef and brown it completely, about 5-7 minutes. Drain excess grease and set beef aside.

Reduce heat to medium. Add diced yellow onion to pot and cook until translucent, about 5-7 minutes. Add minced garlic, diced green and red bell peppers; cook an additional 5-8 minutes until tender-crisp.

Return browned ground beef to pot with vegetables. Add chili powder, cumin, smoked paprika, oregano, and optional cayenne pepper. Stir and cook 1-2 minutes until fragrant.

Add crushed tomatoes, tomato sauce, and undrained fire-roasted diced tomatoes. Stir to combine.

Add rinsed kidney and black beans, pour in beef broth. Stir in cocoa powder and add bay leaf. Bring to a gentle simmer over medium heat.

Reduce heat to low, cover, and simmer for 1-2 hours or longer for deeper flavor. Stir occasionally. Season with salt and black pepper to taste; remove bay leaf before serving.

Preheat oven to 375°F (190°C). Cut a circle near the top of each bread loaf, remove top 'lid', and scoop out soft interior, leaving ½ to ¾ inch thick walls to form bowls.

Brush the insides of bread bowls and both sides of lids with olive oil. Place on baking sheet and bake 8-10 minutes until lightly golden and toasted.

Ladle hot chili into prepared bread bowls. Serve immediately with desired toppings and bread lids for dipping.