In a large stockpot, over high heat, combine the water, ham hocks, onion, garlic, chicken base (or bouillon), and bay leaf and bring to a boil.
Cover, turn the heat to a gentle boil, and cook for about 1 hour, allowing the ham hocks to begin to cook and flavor the broth.
After 1 hour, taste the broth and add seasoning salt if needed. Add the beans, Serranos (or jalapeños), chili powder, black pepper, and cayenne and stir to incorporate.
Turn the heat to low, cover, and simmer until the beans are tender and the broth thickens nicely, about 2 to 3 hours.
Then remove from the heat and allow everything to settle for about 1 hour. The beans will thicken up a little bit more as well.
When ready to serve, spoon the beans with some broth into individual bowls, adding a little bit of the meat in each bowl.
