Drain beans, reserving 2 tablespoons liquid. Combine beans, reserved liquid, chili powder, salt, black pepper, cumin and hot pepper sauce in blender; process until smooth.
Combine onion and garlic in nonstick skillet; cover and cook over low heat until onion is soft. Uncover and cook until slightly browned. Add chilies; cook 3 minutes more. Add bean mixture; mix well.
Serve hot or cold with melba toasts or jicama; garnish with pepper strips, if desired.