Cook the Bacon: cut bacon into chunks and add to a large dutch oven over medium heat. Cook bacon until the fat renders and the bacon becomes crispy, about 10 minutes. Remove bacon (leave the grease behind) from the pan and set aside (We're going to use this later).
Sauté the Aromatics: add the diced onions and bell peppers and season with kosher salt and black pepper. Sauté for about 5 minutes until they become soft and slightly caramelized. Stir in the diced garlic and sauté for an additional minute.
Cook the Beef: add the ground beef over medium-high heat. Brown the ground beef until it's no longer pink. Break it up into crumbles as it cooks, then add the brown sugar, smoked paprika, chili powder, onion powder, cumin, and tomato paste. Mix together and continue to cook until the tomato paste is evenly distributed. Add kidney beans, black beans, crushed tomatoes, broth, beer, bay leaf, and chipotles in adobo. Stir everything together until combined.
Bring to a boil and boil for 5 minutes, then reduce to low heat and simmer for 40 minutes to an hour, uncovered, so that the chili thickens. The longer it simmers, the more the flavors meld together, so feel free to let it simmer for 2-3 hours if time allows (if simmering longer than an hour, I recommend covering with the lid so that the chili doesn't dry out). Add the heavy cream and stir together.
Serve and Enjoy: Ladle the hot Dutch oven chili into bowls and garnish with your favorite toppings. Consider options like shredded cheddar cheese, sour cream, chopped fresh cilantro, or even sliced jalapeños for an extra kick.