Heat the oven to 450°F (230°C). Lightly coat a rimmed baking sheet with cooking spray or brush with oil.
In a large deep skillet or saucepan 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 butter and sugar melt and the sauce is smooth.
Add the cut chicken wings to the simmering sauce. Cook gently for 15 minutes, turning occasionally so the wings are coated and start to cook through. Reserve the sauce left in the pan and transfer the wings to the prepared baking sheet in a single layer.
Bake the wings on the upper rack for 30 minutes total, turning them once after 15 minutes, until the skin is golden brown and crisp.
While the wings bake, simmer the reserved sauce over medium-low heat for 10–12 minutes, stirring occasionally, until it thickens slightly.
When the wings are done, return them to the skillet or a bowl and toss with the thickened sauce until evenly coated. Serve immediately.