Preheat the oven to 450°F (232°C) and coat a rimmed baking sheet with cooking spray or lightly brush it with oil.
In a large skillet or deep pan over medium heat, combine the chicken broth (or water), hot sauce, unsalted butter, brown sugar (or honey), paprika, garlic powder, salt, and black pepper; bring to a simmer, stirring until the sugar and butter melt.
Add the cut chicken wings to the simmering sauce, cover or partially cover, and simmer for 15 minutes so the wings cook through and absorb flavor.
Transfer the wings in a single layer to the prepared baking sheet, reserving the pan sauce; place the wings on the upper oven rack.
Bake the wings for 15 minutes, turn each wing, then bake an additional 15 minutes until the skin is golden brown and crisp.
Meanwhile, simmer the reserved sauce in the skillet over medium-low heat for about 10–12 minutes until slightly thickened.
Return the baked wings to the skillet and toss them in the reduced sauce until evenly coated; serve immediately.
