In a small saucepan, combine chopped dried figs and water. Bring to a simmer over medium heat. Cook for about 10 minutes or until the figs are softened and the water is reduced by half.
Transfer the fig mixture to a blender or food processor.
Add balsamic vinegar, tomato paste, brown sugar, minced garlic, chopped onion, Worcestershire sauce, smoked paprika or chipotle powder, ground cumin, black pepper, and a pinch of salt.
Blend until smooth, scraping down the sides of the blender or processor as needed.
Heat olive oil in a saucepan over medium heat. Add the blended fig mixture to the saucepan.
Bring the mixture to a simmer, then reduce the heat to low. Let the sauce simmer gently for about 15-20 minutes, stirring occasionally, until it thickens to your desired consistency.
Taste the sauce and adjust the seasoning if needed, adding more salt or pepper according to your preference.
Once the sauce reaches the desired thickness, remove it from the heat and let it cool slightly.
Use immediately as a barbecue sauce for grilled meats or store it in an airtight container in the refrigerator for up to one week.