Let make sure we understand the difference between IQF and quality issues.
Prepping and pre-freezing, as Ed points out, is a method of portion control. By laying out, in this case, strips of pepper, and freezing them individually you can then grab as few or as many later on as you wish.
Blanching, btw, serves several functions. It minimizes the presense of bacteria. And, at least as important, it stops enzymatic activity, which helps maintain quality.
That said, there are few raw veggies that do not suffer from freezing in a home freezer. Reason: Even a zero degree freezer is slow. The slower it takes to freeze something the larger the individual ice crystals are. Large ice crystals serve as daggers, which puncture cell walls. As the food defrosts, liquid then leaks from those punctured cells. The result is soft, mushy food.
Won't matter, Kevin, whether you do whole peppers or strips, they'll come out the same. All this means is that they're ok for cooking, but you won't want to use them either raw, or even in some cooked applications where the texture is important.