In medium bowl, combine bulgur and 3 cups water; cover and let stand on counter at least 3 hours or overnight. Drain bulgur; transfer to large bowl. Add mint and 1 tsp. Adobo to bowl with bulgur; stir to combine. Add half of raw beef to bowl with bulgur mixture; using hands, mix until well combined; cover and chill in refrigerator.
Meanwhile, heat medium, nonstick skillet over medium heat. Add remaining beef; cook, breaking up meat with wooden spoon, until browned, about 6 minutes. Drain and discard fat, if needed. Stir in tomato sauce and remaining ½ teaspoon Adobo; bring to simmer and cook until sauce is thickened, about 5 minutes. Stir in olives; remove from heat.
Using heaping tablespoon measures, scoop bulgur into palm of hands, squeezing to compact. Using back of spoon, press down on bulgur mixture to make oval shape that measures about 3”x2”. Add 2 teaspoons beef filling to center of oval. Enclose bulgur mixture around filling, forming into football shape. Take care to enclose filling completely to prevent splattering when frying. Transfer quipe to baking sheet. Repeat with remaining bulgur and beef mixture to form 22 quipes. Chill in refrigerator until firm, about 1 hour.
Heat 1½” oil in deep, heavy-bottomed pot until hot but not smoking (350°F). Fry quipes in batches, taking care not to crowd pot, until golden brown and heated through, about 3 minutes per batch; transfer to paper towel-lined tray to drain. Serve warm.