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.