In a large skillet, heat olive oil over medium heat. Add onions and cook 2-3 minutes. Add red peppers and garlic and cook another 2 minutes. Add ground beef, and cook until meat is browned.
In a large soup pot or Dutch oven, add cooked meat, and all ingredients. Stir to combine. Taste broth, and adjust seasoning, adding additional salt, pepper, oregano, cumin, and chili powder to taste. Cook over medium-high heat until boiling. Reduce heat to low, and simmer for 2 hours. Taste, and adjust seasoning.
If desired, use a slow cooker, set on low, and cook for 8 to 10 hours.