Heat oil in large Dutch oven. Add meat, onion, garlic, chili powder and cumin; cook over medium-high heat, stirring to break up meat, until meat is no longer pink and onion is tender, about 10 minutes.
Stir in tomato, ketchup, brown sugar, molasses, Worcestershire and mustard; cover and simmer, stirring occasionally, for 20 minutes. Stir in kidney, pinto and cannellini beans; cover and simmer, stirring occasionally, for 30 minutes to blend flavors.
To serve, ladle chili into bowls. Top each serving with a strip of bacon and jalapeño strips if desired.
