Olympus was one of many planets owned by the Goa'uld System Lord Zeus and, despite its lack of natural resources, it was also his favourite. Though the planet did not have many native people—and thus not many people to worship him—Zeus liked the planet because of its idyllic weather conditions and the fertility of the land in the valleys surrounding the mountains which was plentiful. When Cronus took control of Zeus's holdings, he saw no use for Olympus as it held no naquadah and the population was too small for him to gather warriors from, so he dismissed the planet with but a wave of his hand and left it to its own fate.
As such, the population of the planet continued to serve Zeus and maintain his temples and palace on Mt. Olympus where the Stargate was located. Indeed, because the land was so fertile, the people had to work little to produce the nurishment that they needed to survive and so they were able to devote more of their time to art, music, and festivals in Zeus's honor. It was because of this that Zeus, both before and after his banishment, along with his 'sons', chose to take part in the revelries and let themselves go from their responsibilities, however temporarily. Since Zeus returned from power after Cronus's death, he learned to care for his people—or at the very least appear to do so—and so the population of the planet was allowed to live their lives as they saw fit. (RPG: "Living Gods: Stargate System Lords")
Sometime after Zeus's return, an SG team discovered the Stargate address for Olympus and visited the planet during one of its many celebrations. After a small amount of reconnaissance, the team discovered both Zeus and his First Prime Heracles on the planet. Noticing that, unlike most Goa'uld, Zeus seemed approachable and friendly, the SG team chose to speak with them rather than simply leave the planet. Zeus used this opportunity to give the team the address of a critical system which was controlled by one of his enemies, convincing the team that it was an "evil" Goa'uld. As the SG team took this address, Zeus decided that they would either be triumphant and kill his enemy or would be killed themselves, and so he would prosper either way. (RPG: "System Lord Plot Hooks")