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Add bacon to medium saucepan over medium-high heat. Cook until fat is rendered and bacon begins to crisp, about 7 minutes. Add onions, peppers and garlic. Cook, stirring occasionally, until onions soften and begin to brown, about 12 minutes. Stir in brown sugar cane (if desired), stirring until well combined.
Stir in black beans, ¾ cup water and Adobo. Bring mixture to boil. Reduce heat to medium-low. Simmer, stirring occasionally, until bean mixture thickens and beans are heated through, 10-15 minutes more. Stir in cilantro and olive oil just before serving. Top with queso blanco, if desired.