Heat olive oil in 12” skillet over medium-high heat. Add beef; cook, breaking up with wooden spoon, until browned, about 6 minutes. Transfer to plate; drain and discard about 1 tbsp. of fat from pan; reheat pan over medium heat.
Add ham; cook, stirring occasionally, until ham is golden brown, about 4 minutes.
Add tomato sauce, Sofrito, garlic, sugar, cumin, oregano, and Sazón to pan; cook until tomato sauce mixture begins to bubble.
Stir in reserved beef, olives, ¼ cup of cilantro and Adobo. Simmer, stirring occasionally, until sauce thickens and flavors come together, about 8 minutes more.
Stir in remaining cilantro. Serve.