Place the stainless steel inner pot inside the Instant Pot®. Press Saute and set time to 10 Minutes. Add the olive oil and chorizo. Sauté until chorizo is golden brown, stirring occasionally. When done, press Cancel.
Add the pepper, water, salt and pepper, and oregano. Mix. Add the spirals on top of the pepper mixture without stirring. The noodles do not have to touch the bottom of the pot. Cover all with the tomato sauce, making sure none of them are dry.
Close and lock the Instant Pot® lid. Make sure the steam release handle is turned to Sealing. Press Pressure Cook, pressure level High, and set time to 4 Minutes.
When done, press Cancel and turn the steam release handle to Venting. Once all the pressure has been released, open the lid and stir. Serve hot.