Press saute mode on instant pot and heat up 1 TBS oil & 1 TBS butter. Add onion and bell pepper and saute for 2-3 minutes until translucent. Add garlic and cook for 1 minute. Add salt, pepper, oregano, parsley, and basil and mix well.
Add in ground beef and cook until browned. Drain any fat. Scrape the bottom of pan of all bits.
Press cancel for saute mode. Add sauce and mix to combine. Add noodles to the top of the meat & sauce mixture. DO NOT MIX IN. Pour water over pasta and gently press down any pasta that's not covered in water carefully.
Place lid on and secure. Place knob on back side of lid to "SEALING". Click on Pressure Cooker, High Pressure for 4 minutes. Do a quick release, and open lid after the "pin" drops keeping the lid facing away from you to allow steam to escape safely.
Stir in cottage cheese. Add mozzarella cheese on top. Place lid back on and lock it. This will allow the residual heat inside unit to melt the cheese, about 5 minutes.