Chop the bacon into small bits. Spray a large, heavy skillet with nonstick cooking spray and then add the bacon and begin frying it over medium-high heat. When some fat has cooked out of the bacon and it is starting to brown around the edges, add the pepper and onion to the skillet. Saute until the onion is translucent and the pepper is starting to get soft.
After the bacon starts frying, chop the cauliflower, including the stem, into 1/2-inch chunks. Transfer to a microwaveable casserole with a lid and add a couple tablespoons of water. Cover and microwave on high power for 7 minutes.
When the cauliflower is done, add it to the skillet, without draining, and stir (the extra little bit of water is going to help dissolve the bacon flavor from the bottom of the skillet and carry it through the dish).
Stir in the olives. Cook for 1 more minute, stirring. Serve.