Heat a large skillet over medium-high heat. Add the ground beef and cook, breaking it up with a spoon, until browned and no longer pink, about 6 to 8 minutes.
Push the beef to one side of the skillet and add the chopped onion. Cook until the onion is softened and translucent, about 4 to 5 minutes. Stir in the minced garlic and cook 30 seconds until fragrant.
Stir in the tomato paste and cook 1 minute to deepen the flavor. Add the tomato sauce, beef broth, Worcestershire sauce, brown sugar, and yellow mustard. Mix well to combine.
Add the chili powder, salt, and black pepper. Bring the sauce to a simmer, then reduce the heat to low and cook, uncovered, for 15 to 20 minutes, stirring occasionally, until slightly thickened.
Taste and adjust seasoning as needed. If the sauce is too thick, thin with a splash of water or additional beef broth. Serve hot spooned over cooked hot dogs or buns.
Notes
Store leftovers in an airtight container in the refrigerator for up to 4 days. Freeze for up to 3 months.