Press Sauté; heat oil in Instant Pot®. Add bell pepper and onion; cook and stir 3 minutes or until softened. Add garlic, sugar, cumin, paprika, chili powder, salt and red pepper flakes; cook and stir 1 minute. Stir in tomatoes; mix well.
Secure lid and move pressure release valve to Sealing position. Press Manual or Pressure Cook ; cook at high pressure 10 minutes.
When cooking is complete, press Cancel and use quick release.
Stir in cheese. Make four wells in sauce for eggs, leaving space between each. Slide eggs, one at a time, into wells in sauce. (For best results, crack each egg into small bowl before sliding into sauce.)
Secure lid and move pressure release valve to Sealing position. Press Manual; cook at low pressure 1 minute. When cooking is complete, press Cancel and use quick release. To cook eggs longer, press Sauté; cook until desired doneness.