In a large skillet or Dutch oven, cook the bacon over medium heat until it's crispy. Remove the bacon and place it on a paper-towel-lined plate to drain. Leave 1-2 tablespoons of bacon grease in the pan.
Add the butter and let it melt. Then add chopped onion, minced garlic, thyme, and diced bell pepper. Sauté over medium heat until the vegetables soften, 4-5 minutes.
Add chili powder and smoked paprika to the pan and stir for about a minute until fragrant.
Stir in the beans, then add the hot dogs, ketchup, brown sugar, molasses, mustard, Worcestershire sauce, salt, and pepper.
Pour in the chicken broth and stir well to combine.
Bring the mixture to a simmer and cook on low for 15-20 minutes, allowing the flavors to meld. Stir occasionally,
Before serving, stir in the crumbled bacon. Serve with your favorite coleslaw and a side of cornbread.