Heat olive oil in a large pot over medium heat. Add diced onion and sauté for 3-4 minutes until softened and fragrant, stirring occasionally.
Stir in minced garlic and diced bell pepper, cooking for another 2 minutes until the garlic becomes aromatic and the pepper begins to soften slightly.
Add smoked paprika, cumin, and chili powder to the pot, stirring constantly for 1 minute to bloom the spices and release their full flavor into the oil.
Pour in the vegetable broth, drained black beans, diced tomatoes with their juice, and bay leaf, bringing everything to a gentle boil over medium-high heat.
Reduce heat to medium-low and simmer for 15-18 minutes until the black bean soup recipe develops rich, cohesive flavors and the broth darkens slightly from the spice infusion.
Stir in fresh lime juice and hot sauce if using, tasting and adjusting salt and pepper to your preference. This bean bowl should taste bright and balanced.
Remove the bay leaf and divide the comfort soup into four bowls, garnishing generously with fresh cilantro and additional lime wedges on the side for serving.