Heat oven to 350 degrees F.
Cook bacon in 10-inch nonstick ovenproof skillet over medium heat until crisp, 8 to 10 minutes. Remove bacon from skillet with slotted spoon to paper toweling to drain.
In bacon drippings in skillet, cook onion and garlic until slightly softened, 3 to 5 minutes. Add beef; cook, breaking up with wooden spoon, until meat is no longer pink, about 5 minutes. Stir in condensed soup, chili powder, 1/2 teaspoon salt and the paprika. Transfer to bowl.
In bottom of skillet off heat, arrange pepper rings, reserved bacon and whole (or halved) olives. Top with corn and then meat mixture.
Sift together flour, cornmeal, sugar, baking powder and remaining 1 teaspoon salt into a bowl.
Mix egg, milk and butter in small bowl. Pour into flour mixture; mix with fork until combined. Spread batter evenly over meat mixture.
Bake in 350 degree F oven for about 25 minutes or until top is golden and set. Remove from oven. Cover tightly; let stand 10 minutes.
Heat tomato sauce and sliced olives in small saucepan until heated through, 5 to 7 minutes.
Invert tamale pie onto serving platter. Cut into wedges. Serve with the tomato-olive sauce.