Preheat the oven to 400° F. Spray a 12-cavity muffin pan with nonstick cooking spray.
Place the pancake mix, water, and oil in a large bowl. Stir with a wooden spoon until the ingredients are combined into a soft dough. The mixture will be somewhat sticky.
Divide the dough evenly between the 12 cavities. With clean, slightly dampened hands, gently press the dough into the bottom of the cavities and halfway up the sides.
Spoon 1 teaspoon of sauce onto the bottom of each pizza. Top each with 1/2 tablespoon of shredded cheese and roughly 5 mini pepperonis.
Transfer the baking pan to the middle rack of the oven. Bake for 17 to 19 minutes, until the pizzas are lightly browned.
Remove the baking pan from the oven. Allow the pizzas to rest for 5 minutes. Carefully remove from the pan using the tip of a paring knife, and transfer to a serving plate. Sprinkle with finely chopped fresh herbs, if desired, and serve immediately.