In a medium skillet over medium-high heat add ground beef. Cook until cooked through. Add taco seasoning and 1/4 cup water. Stir to combine. Cook until water has evaporated.
While the beef is cooking; combine cream cheese, sour cream and 8 ounces of cheese in a 8" x 8" baking dish. Spread cheese mixture on the bottom of the baking dish.
Using a slotted spoon transfer beef mixture and scatter over top of cheese mixture. Top with remaining 8 ounces of shredded cheese. Bake for 15 minutes.
Prepare toppings while dip is baking. Chop lettuce. Set on paper towels to dry. Dice tomato. Drain black olives.
Remove baking dish from oven and sprinkle with lettuce, tomatoes and olives.