Preheat your oven to 400°F (200°C) and line a large baking sheet with aluminum foil. Place a wire rack on top of the baking sheet for even cooking.
In a large bowl, combine the chicken wings with olive oil, salt, black pepper, garlic powder, onion powder, smoked paprika, and cayenne pepper. Toss until the wings are evenly coated.
Arrange the seasoned wings in a single layer on the wire rack. Bake in the preheated oven for 40-45 minutes, flipping halfway through, until the wings are crispy and golden brown.
While the wings are baking, prepare the sauce. In a saucepan over medium heat, combine brown sugar, honey, soy sauce, apple cider vinegar, Worcestershire sauce, and hot sauce (if using). Stir until the sugar is dissolved and the sauce is slightly thickened, about 5-7 minutes.
Once the wings are done baking, remove them from the oven and toss them in the sauce until well coated. Return the wings to the oven for an additional 5-10 minutes to caramelize the sauce.
Remove from the oven and let cool for a few minutes before serving.