Set up three shallow bowls. In the first bowl add the flour, Old Bay Seasoning, garlic powder, salt and pepper. Mix together. In the second bowl add the egg and whisk it. In the third bowl add the panko breadcrumbs.
Take one shrimp and dredge it in the flour, followed by the egg and then the panko breadcrumbs. Place the shrimp on a baking sheet. Repeat until all of the shrimp are done.
For the air fryer:
Place the shrimp in the air fryer basket in a single layer. Spray with olive oil spray. Cook at 400 degrees for 8-9 minutes. Flip the shrimp half way through.
In the oven:
Preheat oven to 400 degrees F.
Spray the shrimp with olive oil spray. Bake for 15 minutes.