Heat olive oil in a large Dutch oven over medium heat. Once shimmering, add diced onion and diced red bell pepper. Sauté for about 5 minutes until the onion is translucent.

Sprinkle in chili powder, smoked paprika, ground cumin, and a pinch of cinnamon. Stir and cook for 30 to 60 seconds until fragrant.

Incorporate diced butternut squash and sweet potatoes. Stir well and allow to caramelize for about 3 to 4 minutes.

Pour in crushed tomatoes, black beans, kidney beans, and vegetable broth. Stir to combine and deglaze the pot.

Bring to a gentle boil over high heat, then reduce to low and cover. Simmer for 25 to 30 minutes until vegetables are tender.

Check the consistency, adding broth if too thick or simmering uncovered if too thin.

Taste for seasoning, adjusting salt and pepper as needed. Serve hot with desired toppings.