Flatten each biscuit to about 1/8" thickness, then cut into 1/2" strips using a knife.
Put oil, oregano, onion powder, basil, garlic powder, pepper, and cubed chicken into the instant pot and mix well to coat the chicken.
Turn the instant pot onto sautee and cook chicken until brown on all sides, stirring frequently. After the chicken has cooked, press cancel on the instant pot.
Add the chicken broth and water; stir. Add in the carrots and peas and stir to mix well.
Stir in the strips of biscuits.
Seal the lid to the instant pot and close the pressure knob. Set pot to manual cook for 5 minutes.
Once cooking time is done, press cancel on the instant pot and then quick release pressure. Spook chicken and dumplings into bows and serve immediately.