I have been told that cameras like this one were made by workers at the KMZ Factory, but during their own non-working hours. They were made to enter into contests that the factory would would sponsor for employees, to get new ideas and create enthusiasm for the products.
I doubt if this camera was made especially for the Olympics, it just was made with an "Olympic Model" and maybe even with the Olympics and sports in mind.
I have also seen on with three lenses attached like that, but on an older Zenit.