Heat olive oil in a saucepan. Add red pepper and onion; saute on low heat until soft, 15 to 20 minute, stirring occasionally.
Add shrimp, half-and-half, tomato sauce, hot sauce, salt and pepper. Bring to a boil, reduce heat and simmer 5 minutes. Add butter.
Put half of hot mixture in a blender and carefully process at high speed about 10 to 15 seconds, or until no large pieces remain. Transfer bisque into soup bowls and repeat with remaining. (I would just use a stick blender).
Sprinkle with Parmesan cheese. Optional garnish - fresh herbs and additional shrimp.