Heat the olive oil in a large pot over medium-high heat. Add the onion, red bell pepper, and jalapeño (if using). Cook 4–5 minutes until softened.
Stir in the mushrooms; cook 3–4 minutes until they release some moisture and pick up a little color. Add the garlic; cook 30 seconds.
Sprinkle in cumin, chili powder, smoked paprika, dried herbs, and black pepper. Stir 30–60 seconds until fragrant.
Add the carrot, crushed tomatoes, beans, bay leaves, brown sugar, red wine, and water. Stir to combine.
Bring to a gentle boil, then reduce heat and simmer 30 minutes (or longer) to thicken and meld flavors, stirring occasionally.
Ladle out about 1½ cups of chili, making sure to remove any bay leaves, and mash with a potato masher (or blend briefly). Return the mash to the pot and stir; it gives body without flour.
Remove the bay leaves. Season with salt to taste. Ladle into warm bowls and add your favorite toppings.