Cut the beef stew meat into small, uniform pieces, about ½ inch in size. Heat 1 tablespoon of oil in a large pot or Dutch oven over medium-high heat. Add the beef and cook until browned on all sides, working in batches if necessary. Transfer the browned beef to a plate and set aside.

In the same pot, add the remaining tablespoon of oil. Stir in the chopped onion and celery and cook over medium heat for about 10 minutes, until the onion becomes soft and golden, stirring occasionally to avoid burning.

Return the browned beef to the pot. Add the diced tomatoes with their juices, beef broth, water, sliced carrots, diced potatoes, corn, bay leaves, and garlic powder. Stir well to combine all the ingredients.

Raise the heat and bring the mixture to a rolling boil. Once boiling, reduce the heat to low and let the soup simmer uncovered for approximately 1 hour, allowing the beef to begin tenderizing and the flavors to develop.

After an hour, stir in the frozen peas and hot pepper sauce. Cover the pot and continue to simmer for another 30 minutes, or until the beef is fork-tender and the vegetables are fully cooked.

Ladle the soup into bowls and serve hot. For added flavor, garnish with freshly ground black pepper, a few dashes of hot sauce, or crumbled saltine crackers, if desired.