For the taco fries: Preheat the oven to 450 degrees F.
Spread the waffle fries out on a large rimmed baking sheet and bake, stirring once, until golden brown and crisp, about 25 minutes.
Meanwhile, heat the oil in a medium skillet over medium-high heat. Add the ground beef and cook, breaking up any clumps with a wooden spoon, until brown, about 5 minutes. Stir in the taco seasoning, then add 1/4 cup water and simmer until the liquid evaporates, about 2 minutes.
Transfer the waffle fries to a large plate. Mound the beef in the middle, then sprinkle the cheese, lettuce, beans, jalapenos, olives, tomatoes and avocado over the top. Dollop with sour cream.
For the creamy hot sauce: Mix together the mayonnaise, yellow mustard and hot sauce in a small bowl. Drizzle over the top and serve.