In a large skillet over medium-high heat, brown the ground beef until fully cooked. Drain the excess fat and set the meat aside.
Cook the Italian sausage links in the same skillet until browned and cooked through. Slice the sausage into 1/4-inch medallions, then quarter each slice to create bite-sized pieces roughly the size of a chili bean.
Prepare the steak by cutting it into uniform 1/2-inch cubes. If desired, give the steak cubes a quick sear in the skillet for 2 to 3 minutes to develop a crust before adding them to the chili.
In a large stockpot or soup pan over medium heat, combine the beef bone broth, tomato paste, and chili powder. Stir until the paste is fully dissolved and the liquid is smooth.
Add the cooked ground beef, sausage pieces, and cubed steak to the pot. Bring the mixture to a gentle boil, then reduce the heat to low. Simmer for at least 90 minutes; this long cook time is essential for the flavors to blend and for the chili to reach your desired thickness.
If using an Instant Pot, use the "Sauté" mode to brown the meats separately. Once browned, add the broth, tomato paste, and chili powder. Secure the lid and pressure cook on high for 15 minutes, followed by a quick pressure release.
Ladle the chili into deep bowls and serve warm. Offer toppings such as freshly grated cheddar cheese, sour cream, and chopped green onions for guests to add as desired. Leftovers store beautifully in the refrigerator for up to 5 days and taste even better the next day as the spices continue to develop.