Combine ground beef, onion, and jalapeño in a 4-quart soup pot. Cook over medium-high heat until beef is cooked through and no longer pink, about 5 minutes.
Add water, crushed tomatoes, pinto beans, corn, black beans, RO*TEL, black olives, ranch dressing, and taco seasoning. Mix to combine. Bring soup to a boil, reduce heat, and simmer for 30 minutes.
