Heat a heavy-bottomed Dutch Oven or pot over medium-high heat add the Ground Chuck and cook stirring with a flat bottomed wooden spoon until mostly browned, about 5 minutes. Scoop out and drain in a fine mesh colander over a bowl.
While the beef is draining, pour in the EVOO and reheat for 30 seconds. Toss in the diced green and red bell peppers along with the onions. Cooks stirring for about 5 minutes or until the veg becomes soft and the onions translucent. Throw in the garlic and cook stirring for 30 seconds until aromatic.....
Add the drained ground beef back to the Dutch Oven along with tomato paste stirring well to deepen the color of the tomato paste to coax out more flavor about 5 minutes (stir often) to heat through the color will become a deep red....
Now combine the rest of the ingredients into the pan, ketchup, water, dark brown sugar, yellow mustard, chili powder, Worcestershire sauce, distilled white vinegar, red pepper flakes (optional), and S+P to taste.
Stirring well to fuse the flavors together, reduce heat to medium-low and cook until the mixture has thickened to your desired consistency between 30-45 minutes.
Serve over toasted buns with oven fries and steamed broccoli or as desired.