Preheat oven to 350 and place rack in middle of the oven.
In a deep skillet or dutch oven, brown ground beef or bacon until it is 90% done over medium heat. Season with salt, pepper and set aside. If not using meat, proceed to step 3.
If meat was cooked in the skillet, add red peppers to the remaining fat, if not, add a tbsp of oil and cook red peppers until the begin to feel tender, about 7 minutes. Add onions and continue to cook for another 3-4 minutes.
To the pan, add garlic and cook until fragrant, about 3 minutes. Add tomato paste and stir into the vegetables. Cook for 4 minutes to cook out the raw taste of the paste. Add spices and cook an additional 3 minutes to do the same.
Next, add remaining ketchup, brown sugar, mustard, vinegar, Worcestershire sauce, molasses and maple syrup. Stir to combine and cook until the mixture begins to just boil. About 4 minutes.
To this bbq sauce mixture, add your stock and stir to ensure it's combined. Taste and adjust for salt and other flavors to get the balance of flavors you like. Add bay leaf, bring to a simmer, and cook for about 5 minutes.
If cooking in a dutch oven, add your beans and cooked meat to the pot. If using a baking dish, add beans, ground beef and bbq sauce mixture to the baking dish and stir to combine.
Cover with aluminum foil and bake covered for 1 hour. After an hour, remove the foil, stir and bake an additional hour our until the sauce thickens to desired texture for baked beans, stirring about every 30 minutes to ensure top of beans do not burn.
Allow to cool for at least 10 mins and Enjoy!