Preheat oven to 400 degrees F (200 degrees C). Line a large, rimmed baking sheet with aluminum foil and spray with cooking spray.
Mix about 1/4 cup blue cheese dressing, cayenne pepper sauce, and butter in a bowl until well blended. Add chicken; toss to coat.
Spread tortilla chips evenly over prepared baking sheet. Sprinkle tomato, olives, onion, and jalapeno peppers over chips. Spread chicken mixture over vegetables and top with crumbled bacon.
Combine Mexican cheese blend and Monterey Jack cheese in a bowl; sprinkle evenly over chicken and tortilla chip mixture.
Bake in the preheated oven until cheese is melted and lightly browned, 10 to 15 minutes. Drizzle with remaining 1/2 cup blue cheese dressing and top with cilantro.
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