Toast the cumin seeds in a large skillet over medium-high heat until fragrant, about 1 to 2 minutes. Using a smaller frying pan or a metal or wooden tool with a flat surface, crush the seeds coarsely. Set aside.
Cook the bacon in the skillet over medium-high heat until crisp. Remove the bacon and reserve. Over high heat, brown the beef in the bacon drippings left in the skillet and set the meat aside. Over medium heat, sauté the onions in the remaining drippings until lightly browned, 8 to 10 minutes.
Add the toasted cumin, chili powder, paprika, oregano, black pepper, thyme, salt, and garlic to the cooked onions and sauté for 1 minute. Crumble in the bacon, add the beef broth, 1 cup of water, the tomatoes, ancho chiles, and the beef.
Bring to a boil, reduce the heat, cover partially, and simmer until the meat is very tender, about 2 hours, adding water as needed to maintain the desired consistency.
Alternatively, transfer to a slow-cooker set on low and cook for at least 6 hours and up to 8 hours, until the meat is very tender.
Remove the anchos, puree in a blender, and return to the pot. Serve in a bowl with chopped onions and shredded cheese, with saltines, over tamales, rice or potatoes, in a Frito Pie or combined with beans.