Sort and rinse the dried black eyed peas by pouring them onto a baking sheet and checking for small stones or debris. Rinse in a colander until the water runs clear.

Cook bacon in a large pot over medium heat until crispy. Remove bacon and set aside, leaving the drippings in the pot.

Sauté the diced onion and green bell pepper in the bacon fat until softened, about 5-7 minutes. Add minced garlic and cook for 1 minute more.

Add the rinsed black eyed peas to the pot and stir into the vegetables.

Pour in water or chicken broth, add bay leaves, smoked paprika, salt, pepper, and cayenne if using. Stir well.

Crumble the cooked bacon back into the pot or add the ham hock. Bring everything to a boil, then reduce to a gentle simmer.

Cover the pot and simmer for 60-75 minutes, stirring occasionally, until the peas are tender but not falling apart. Add more liquid if needed.

Taste and adjust seasoning with salt, pepper, and hot sauce as desired. Remove bay leaves before serving, and let the peas sit for 10 minutes.