Heat oil in medium, heavy-bottomed pot over medium-high heat. Add onions, peppers and garlic; cook until vegetables are soft, stirring occasionally, about 8 minutes. Season meat with Adobo. Add meat to the pot, breaking into small pieces with a wooden spoon. Cook until browned, stirring occasionally, about 8 minutes. Stir in chili powder, cilantro and cumin; cook until fragrant, about 1 minute more.
Add 1 cup water, chopped tomatoes (with liquid), beef bouillon and Sazón to pot. Bring tomato mixture to boil. Lower heat to medium-low and simmer, uncovered, until mixture thickens and flavors come together, stirring occasionally, about 1 hour. Stir in beans. Cook until heated through, about 15 minutes more.
Divide chili among serving bowls. Garnish with cheese, sour cream and onions, if desired.
A good rule of thumb when working with a spicy chile, like a jalapeño: The finer you dice the pepper, the more surface area is exposed, and in turn, the more of the spicy oils it releases. Here, we roughly chop the pepper which creates a medium spicy effect. For an even hotter end product, cut the pieces into a very fine dice. Care for a mild, background spice? Keep the chile whole, and fish it out at the end.