Pat shrimp dry with paper towels. In a shallow bowl, mix cornstarch, garlic powder, smoked paprika, salt, and pepper. In another bowl, beat eggs. In a third bowl, combine shredded coconut and panko.
Working one at a time, dredge shrimp in cornstarch mixture, shaking off excess. Dip into beaten egg, then press into coconut-panko mixture, coating well. Place on a plate.
Preheat air fryer to 400°F (200°C) for 3 minutes. Lightly spray the air fryer basket with cooking spray.
Arrange shrimp in a single layer in the basket, leaving space between them. Spray the tops lightly with cooking spray. You may need to cook in batches.
Air fry at 400°F for 6–8 minutes, flipping halfway through, until shrimp are golden brown and cooked through (opaque and firm).
While shrimp cook, whisk honey, sriracha, and lime juice in a small bowl.
Transfer shrimp to a serving plate, drizzle with spicy honey, and sprinkle with cilantro if desired. Serve immediately.