Heat the olive oil in a large pot or Dutch oven over medium heat. Add the diced onion and cook until softened, about 5 minutes. Stir in the minced garlic and cook for an additional minute until fragrant.
Increase the heat to medium-high and add the ground beef. Cook until browned, breaking it apart with a wooden spoon as it cooks, about 5-7 minutes. Drain any excess fat if necessary.
Stir in the chili powder, cumin, smoked paprika, salt, and black pepper. Cook for another 1-2 minutes to toast the spices.
Add the diced tomatoes (with their juices), kidney beans, beef broth, and Worcestershire sauce to the pot. Bring the mixture to a boil.
Reduce the heat to low and let simmer uncovered for 30 minutes, stirring occasionally. The chili should thicken slightly.
Taste and adjust seasoning if needed. Remove from heat and let it sit for a few minutes before serving.
Serve hot, with optional toppings like shredded cheese, sour cream, diced green onions, or cilantro.