Prep the shrimp: Pat the shrimp dry with paper towels. Dry shrimp get better color and don’t steam in the air fryer.
Season: In a bowl, combine shrimp, oil, chili powder, smoked paprika, cumin, garlic powder, onion powder, cayenne (if using), salt, pepper, lime zest, and 1 teaspoon lime juice. Toss to coat evenly.
Preheat the air fryer: Set to 400°F (200°C) for 3 minutes to get the basket hot.
Air fry: Arrange shrimp in a single layer in the basket. Cook 5–6 minutes, shaking halfway, until opaque and slightly curled with a light char. Do not overcook.
Make the slaw: In a bowl, whisk mayo (or yogurt), lime juice, honey, and a pinch of salt. Toss with cabbage until lightly coated. It should be crisp, not soupy.
Make the sauce: Stir together sour cream (or yogurt), mayo, hot sauce, lime juice, and a pinch of salt. Adjust heat to taste.
Warm the tortillas: Dry-skillet over medium heat 15–30 seconds per side, or wrap in a damp towel and microwave 20–30 seconds.
Assemble: Add a little slaw to each tortilla, top with shrimp, drizzle with sauce, and finish with cilantro, avocado, pickled onions, and a squeeze of lime.
Serve immediately: Shrimp are best hot and juicy right out of the air fryer.