Press Sauté; heat oil in Instant Pot. Add onion and garlic; cook and stir 3 to 4 minutes or until onion is soft and translucent. Add tomatoes, tomato paste, wine, parsley, oregano, salt and pepper; mix well.
Secure lid and select Pressure Cook; cook at high pressure 8 minutes.
When cooking is complete, quick release the pressure and open the lid. Taste the sauce; season with additional salt and pepper if necessary.
Press Sauté; add scallops to pot. Cook 1 minute or until sauce begins to simmer. Press Cancel; cover pot with lid and let stand 8 minutes or until scallops are opaque.
Serve over pasta or rice.