Set Instant Pot to sauté, and sauté onion and peppers with olive oil, ½ teas salt and ½ teas black pepper for 5-7 minutes.
Add mushrooms and sauté for 4 more minutes (add more olive oil if you need to).
Add garlic and sauté for 1 minute more (add more olive oil if you need to).
Add white wine, and sauté for 1 minute more.
Add rice, stir to combine, and sauté for 1 minute more.
Turn off Instant Pot.
Add 3 ¾ cups of the broth, cherry peppers, soy sauce, Worcestershire sauce, oregano and stir to combine.
Place lid on and set vent to seal.
Set Instant Pot to manual for 6 minutes (will take about 10-15 minutes to come to pressure).
Meanwhile, shred your cheese, and make the Sriracha ketchup (if you decide to go for the homemade Sriracha ketchup – just put all the Sriracha ketchup ingredients in a small mixing bowl and whisk/stir until well combined).
When Instant Pot timer is complete, quick release.
Remove lid and add ¼ cup of broth and stir until well combined.
Add Monterey and Parmesan cheese, ½ teas black pepper, ½ teas salt and stir well.
Serve in bowls with a little extra cheese on top and a drizzle of Sriracha ketchup if desired.