Preheat the oven to 425˚ F. Spread the waffle fries on a parchment-lined baking sheet. Combine the chile powder, cumin, paprika and cayenne in a small bowl. Sprinkle 1 teaspoon of the spice mixture on the waffle fries; reserve the rest. Bake the fries, tossing halfway through, until the edges are browned, about 25 minutes.
Meanwhile, make the chili: Heat a large skillet over medium-high heat; add the olive oil. Add the beef and pork and cook, breaking up the meat with a wooden spoon, until lightly browned, about 4 minutes. Reduce the heat to medium, add the onion and garlic and cook until softened, 3 minutes. Sprinkle with the remaining spice mixture and season with salt; stir to coat. Add the beer and cook until almost dry, 1 minute. Add the tomatoes and adjust the heat to maintain a simmer. Cook, stirring occasionally, until thickened, 15 minutes.
Push the fries into the center of the pan or transfer to a 9-by-13-inch baking dish. Layer with half of the cheeses, the chili and the remaining cheese. Bake until melted, 5 minutes. Top with sour cream, bell pepper, scallions and olives.