Add shrimp, baking soda, salt, garlic powder, and cornstarch to a bowl and mix to combine.
Preheat air fryer for a few mins. Lightly spray shrimp with oil to coat all over and spray the air fryer basket to prevent sticking. Add shrimp to the air fryer in an even layer making sure not to overcrowd. Cook at 400F for 8-10 mins, flipping halfway through.See recipe notes below for alternate cooking methods While shrimp is cooking, mix chili crisp, soy sauce, sriracha sauce, and sugar until combined. Set aside.
When shrimp is done cooking, remove from air fryer.
In a pan, heat 1 tablespoon oil, then add red bell peppers and shallots until softened, about 2-3 mins. Add shrimp to pan and the sauce mixture to coat all over. Toss the shrimp with the sauce until well combined, about 1 min. Turn off heat and transfer to plate.