Heat oil in large pot over medium-high heat. Add stew meat and bones; sauté until beef is dark brown, about 8 minutes. Transfer beef and bones to plate. Add celery, onion, and barley to pot. Sauté until onion is golden, about 15 minutes. Add 4 cups water, beef broth, tomatoes with juices, corn, okra, bay leaves, and garlic powder. Return beef and bones to pot and bring to boil. Reduce heat to medium-low and simmer uncovered until beef is almost tender, about 1 hour.
Add peas and 1 1/2 teaspoons hot pepper sauce to soup. Cover and simmer until beef is tender, about 30 minutes longer. Season with salt, pepper, and more hot pepper sauce, if desired.