In a large skillet or saucepan, cook the ground beef over medium-high heat, breaking it up with a spoon, until browned, about 5 minutes. Drain excess fat.
Add the chopped onion and garlic to the pan and cook until softened, about 3 minutes.
Stir in the tomato sauce, tomato paste, chili powder, cumin, smoked paprika, salt, pepper, and water. Bring to a simmer.
Reduce heat to low and let the chili simmer, stirring occasionally, for 20-25 minutes until thickened.
While chili simmers, grill or pan-fry the hot dogs over medium heat until heated through and lightly charred, about 5 minutes. Toast the buns if desired.
Place each hot dog in a bun and top with a generous spoonful of chili. Add optional toppings as desired.
Tips
For a spicier chili, add a pinch of cayenne pepper or diced jalapeño.
Leftover chili can be stored in the refrigerator for up to 3 days or frozen for up to 3 months.