Heat olive oil in a large pot over medium heat; cook and stir mushrooms, onion, carrot, green bell pepper, celery, garlic, chili powder, cumin, salt, black pepper, basil, and oregano until the onion begins to soften, 2 to 3 minutes.
Stir in tomatoes with their liquid, black beans and their liquid, tomato paste, hot pepper sauce, and water.
Bring the chili to a boil, reduce heat to low, and simmer until vegetables are tender, about 20 minutes.