Heat oil in a large Dutch oven over medium-high heat. Add onion and garlic; sauté 3 minutes. Stir in tomatoes; cook 5 minutes. Place beans in a blender or food processor; process until smooth. Add beans, chili powder, cumin, hot sauce, salt, and broth to pan; bring to a boil. Reduce heat to medium-low; cook 18 minutes. Serve with cheese and chips.