At Maison NW3, we use olive oil for cooking, dressing and dipping.
If you are going to make a good foccacia, quality olive oil is a must.
For dipping olive oils, I like to set up tiny little white saucers each with a different colour (green to gold) and get a neutral(ish) bread as a conduit for the olive oil taste. That, along with hard-boiled quail eggs to be dipped in truffle salt, and breakfast radishes are staples at home.
Another great (albeit extravagant) use of olive oil is to baste (lightly) prime cuts of meat. Chilli or truffled oil, used sparingly are great. I just did a 30-day dry aged ribeye on Monday with this type of basting and it was quite good.
Ps: I like olive oil so much that, naive me, I bought 2 fully mature 12yo Italian olive trees back in 2011 and lifted them up by crane to a terrace in the front of the property (where there was a Southern exposure). Unfortunately, they have never given a crop (yet).