Heat a large skillet over MEDIUM-HIGH heat.
Add the ground beef and diced yellow onion and cook, stirring frequently and breaking the beef into very small crumbles, until the beef is fully cooked and no pink remains. Drain excess grease and return the skillet to the heat.
Add the chili powder, cumin, garlic powder, salt, and black pepper. Cook, stirring constantly, for 1 minute until fragrant.
Stir in the tomato paste, beef broth, water, brown sugar, yellow mustard, Worcestershire sauce, and crushed red pepper flakes (if using). Stir until well combined.
Bring the mixture to a gentle boil, then reduce heat to LOW and simmer for 15 minutes, stirring occasionally, until thickened. Add additional water, a splash at a time, if needed to loosen the chili to your desired consistency.
Serve warm over hot dogs and top with shredded cheese, finely diced white onion, diced pickled jalapeños, and your favorite chili dog toppings.