In 10-inch skillet, cook beef over medium-high heat 5 to 7 minutes, stirring occasionally, until thoroughly cooked; drain. Stir in taco seasoning mix and water. Reduce heat to medium. Cook uncovered 2 to 4 minutes, stirring occasionally, until most of liquid is absorbed.
In large bowl, mix sour cream dip and salsa. Stir in beef mixture, bacon and olives. Gently fold in tomatoes and lettuce.
Divide salad among 4 individual plates. Sprinkle with cheese and chips. Serve immediately.