Cook the bacon bits in a large Dutch oven over medium heat and cook, stirring often, until browned, about 8 minutes. Remove all but 1 tablespoon of bacon grease and leave the bacon in the Dutch oven.
Add the onion, bell pepper, chili powder, cumin, coriander, oregano, crushed pepper flakes, and cayenne and cook, stirring occasionally, until the vegetables are softened, about 10 minutes.
Increase the heat to medium-high heat and add half the ground beef. Cook, breaking up the beef with a spoon, until no longer pink and starting to brown, about 3-4 minutes.
Add the remaining ground beef along with the minced garlic and cook, breaking up the beef with a spoon, until no longer pink and starting to brown, about 3-4 minutes.
Add the diced tomatoes, tomato puree, black beans, and season with a bit of sea salt and freshly cracked pepper, to taste; stir until well combined. Bring to a boil, then reduce the heat to low and simmer, covered, and stirring occasionally, for 1 hour.
Remove the cover and continue to simmer for 1 hour longer, stirring occasionally, until the beef is tender and the chili is dark, rich, and slightly thickened. Taste and season with sea salt and freshly cracked pepper, if needed.
Side Note: If the chili begins to stick on the bottom of the pot during the second hour of cooking, stir in 1/2 cup water and continue to simmer.