In a shallow bowl, whisk together the flour, garlic powder, onion powder and salt. In a separate shallow bowl add the 2 eggs and whisk together. In a third shallow bowl, mix to combine the panko and olive oil.
Coat the onion rings in batches, first in the flour mixture, then coat with egg, and then coat with panko. Set aside on a plate or baking sheet.
Preheat the air fryer to 400 F and add in the coated onions. Spray the air fryer basket and onion rings with non-stick cooking spray. Cook for 8-10 minutes or until golden and crispy. Flip halfway through. Alternatively, you can bake the onion rings at 400 F for 10-15 minutes.
While the onion rings cook, mix together the Honey Chipotle Sauce ingredients in a small bowl and serve alongside the onion rings for dipping.