If you want to be completely stateless, you need to send the authorization info on each request, probably as basic auth headers.
This is actually simpler than implementing the Bearer token, for both client and server, but requires that the client retain the non-expiring username and password, rather than retaining the expiring, session-specific Bearer token.
IMO, this makes this simpler solution a non-starter. It becomes way too easy to leak credentials.
You also lose any method to force a re-authentication. With a token, I could expire with no activity for an hour and allow it to be good for a max of 2 hours.
[1] Users have a bad habit of just leaving computers. With a token, the worst case is someone has a short lived access to to something. With a user/pass left on the client worst case now becomes use/pass taken.
But most clients store their user/pass in their browser anyways so I'm not sure it's a security win for preventing credential loss.
You don't lose re-auth. The master system issuing API keys can revoke keys, too.
But anyways maybe we're talking about different contexts because I don't understand the scenario you're describing.
JWT is also poorly specified (no protocol under any circumstances should use negotiation, it does not support revocation, and it has been hammered home by the best security folks I know that public key cryptography is what you do when you don't have any other choice) and dangerous to use. Avoid it. Do the simplest thing that can possibly work. That's a session token. If, in the far and unlikely future, you are so successful that a single database call is so harmful, then you have the money to hire someone who doesn't have to Ask HN this question.