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Mix mayonnaise and Sriracha sauce together in a small bowl. Refrigerate Sriracha mayo until ready to serve.
Preheat the air fryer to 390 degrees F (200 degrees C).
Spread scallops out onto a plate or cutting board and blot dry with a paper towel. Season with salt and pepper. Wrap each scallop with 1/3 slice of bacon and secure with a toothpick.
Spray the air fryer basket with cooking spray. Place bacon-wrapped scallops in the basket in a single layer; split into 2 batches if necessary.
Cook in the air fryer for 7 minutes. Check for doneness; scallops should be opaque and bacon should be crispy. Cook 1 to 2 minutes longer, if necessary, checking every minute. Remove scallops carefully with tongs and place on a paper towel-lined plate to absorb excess oil from the bacon. Serve with Sriracha mayo.