Preheat the air fryer to 400°F / 200°C for 3 minutes.
Pat the shrimp dry, then toss with cornstarch, panko, garlic powder, smoked paprika, black pepper, and olive oil until evenly coated.
Arrange the shrimp in a single layer in the air fryer basket without overlapping.
Air fry for 6 to 8 minutes, shaking the basket halfway, until golden brown and crispy.
Check at 6 minutes — the coating should be golden and crunchy; add 2 more minutes if needed.
Serve immediately with cocktail sauce or your favorite dipping sauce.