Preheat the oven to 400 degrees F (200 degrees C). Line a large, rimmed baking sheet with aluminum foil and spray with cooking spray.

Combine 1/4 cup blue cheese dressing, cayenne pepper sauce, and melted butter in a bowl until well blended. Add chicken and toss to coat.

Spread tortilla chips evenly over the prepared baking sheet. Sprinkle tomato, olives, onion, and jalapeño peppers over chips. Spread chicken mixture over vegetables and top with crumbled bacon.

Mix both cheeses together in a bowl; sprinkle mixture evenly over chicken mixture.

Bake in the preheated oven until cheese is melted and lightly browned, 10 to 15 minutes.

Remove from the oven. Drizzle remaining 1/2 cup blue cheese dressing over nachos and garnish with cilantro.