Heat olive oil in a large Dutch oven or heavy pot over medium heat until shimmering.
Add chopped onion, bell pepper, carrot, celery, and ¼ teaspoon salt.
Cook, stirring occasionally, until vegetables are tender and onions are translucent, about 7–10 minutes.
Add garlic, chili powder, cumin, smoked paprika, and oregano; stir constantly for 1 minute until fragrant.
Add diced tomatoes with juices, drained black beans and pinto beans, vegetable broth, and bay leaf.
Bring to a gentle simmer and cook for 30 minutes, stirring occasionally and adjusting heat as needed.
Remove from heat and discard the bay leaf.
Blend about 1½ cups of chili (including liquid) until smooth, then return it to the pot.
Stir in chopped cilantro, vinegar to taste, and additional salt if needed.
Serve with your favorite garnishes.