Puree red peppers, tomatoes, oregano, cayenne, wine, and oil in food processor or blender until smooth.
Cook bacon in large skillet over medium heat until crisp, about 7 minutes. Using slotted spoon, transfer bacon to plate lined with paper towels. Pour off all but 2 teaspoons fat from pan and return to medium heat. Add onion and cook until softened, about 3 minutes. Add garlic and cook until fragrant, about 1 minute. Add red pepper mixture to skillet and bring to simmer. Reduce heat, cover, and simmer until flavors, meld, 10 to 15 minutes. Remove from heat and stir in cream and half the bacon. Season with salt and pepper.
Toss sauce with cooked pasta and serve, sprinkling bowls with remaining bacon.