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Preheat oven to 425 and grease a baking sheet with cooking spray. Slice chicken breasts into strips. Add chicken strips and flour to a large ziplock bag. Seal and toss to coat chicken in flour.
Place panko crumbs in a bowl. In another bowl whisk together eggs and water. Dip flour-coated chicken strips into egg mixture, then toss in panko crumbs to coat.
Place coated chicken pieces on greased baking sheet and spray heavily with cooking spray. Bake 15-20 minutes until chicken is browned and cooked through.
While chicken is cooking, prepare the sauce. Melt butter in a medium sauce pan over medium-high heat. Add brown sugar and hot sauce and stir over medium-high heat until melted and mixture comes to a boil. Remove from heat and stir in garlic powder and water until smooth.
When chicken strips are done cooking, toss in sauce. Serve warm with ranch dressing if desired.