Heat olive oil in a large pot over medium heat.
Cook and stir bacon, onion, green bell pepper, and red bell pepper in hot oil until the onion is caramelized, about 20 minutes.
Stir garlic, chipotle pepper, and cumin into the bacon mixture;
cook until the garlic is fragrant, 1 to 2 minutes.
Pour black beans and chicken broth into the pot;
bring to a boil, reduce heat to medium-low, and simmer until the beans are tender, about 30 minutes.
Mash some of the beans with a potato masher until the soup reaches your desired consistency.

Top bowls of soup with cilantro leaves and/or jalapeno slices, also sour cream, as desired