In a large microwave safe mixing bowl, combine mozzarella and cream cheese. Microwave for 1 minute. Remove from microwave and stir to combine. Return to microwave for 1 additional minute.
To the mixing bowl, add egg, almond flour, garlic powder, onion powder, Italian seasoning, and black pepper. Mix until all ingredients are well incorporated. If the dough becomes too sticky and unworkable, wet your hands. Place the dough on a piece of parchment paper and divide into two equal balls. Spread each one and flatten in a circle the size of your waffle iron
Lightly grease the waffle iron and put one of the pieces of dough in the waffle iron.
Top with 2 tablespoons of the pizza sauce, and 6 slices of the pepperoni. Close the lid and cook until the dough is cooked through and the edges are nice and crispy. Remove the pizza from the waffle iron and top with 2 tablespoons of the mozzarella cheese, and 1/4 teaspoon of the oregano.
Repeat the same process with the other piece of dough.
Cut the finished waffles in fourths and serve with extra pizza sauce, for dipping.