In a 4½-quart Dutch oven, heat the olive oil over medium heat. Add the onion and garlic, and sweat until translucent, 4 to 6 minutes. Stir in the chili powder, smoked paprika, cumin and cayenne, and cook until fragrant, 1 minute.
Add the ground bison and cook, breaking up the meat into small pieces with a wooden spoon until no longer pink, 5 to 7 minutes. Stir in the fire-roasted tomatoes, tomato sauce and Worcestershire, and bring to a simmer. Cook, stirring occasionally, until thickened, 15 minutes. Season with salt.
While the chili simmers, heat a cast-iron skillet or grill pan over medium-high heat. Using a paring knife, cut a small "x" into each end of each hot dog to prevent the casings from bursting. Grill the dogs, turning as needed, until lightly browned and swollen, 5 to 7 minutes.
Place each hot dog into a bun and spoon over the chili. Garnish with cheddar cheese, red onion and pickled jalapeños, then serve.