Step 1

Cook and stir ground beef in a large stockpot until browned, 5 to 10 minutes. Drain grease.

Step 2

Heat olive oil in small skillet over medium heat. Add onion, green bell pepper, and garlic; cook and stir until fragrant, 2 to 3 minutes. Stir into beef in the stockpot.

Step 3

Pour tomato sauce, water, cooking wine, and hot sauce into the stockpot. Stir in sazon seasoning, parsley, garlic powder, onion powder, cumin, pepper, and bay leaf. Bring to a boil; reduce heat to low and simmer picadillo, uncovered, until slightly thickened, about 10 minutes.

Step 4

Split olives in half with your fingers and stir into the picadillo. Add squash. Simmer until liquid reduces but picadillo is not dry, 45 to 60 minutes. Season with salt.