Toss bell pepper, onion, and peperoncini slices in the bowl of a food processor and pulse until finely minced.
Add minced veggies and everything else except the honey to a large heavy-bottomed soup pot.
Cook on medium-high heat until the sauce starts to bubble. Turn it down to a simmer and continue to cook for an hour. Stir often enough to keep from burning. I like to set a timer and check every 10 minutes or so.
Stir in 1/2 cup honey and simmer for additional 5 minutes.