Pat shrimp dry. Dry shrimp with paper towels.
Make batter and coat shrimp. In a large bowl, whisk together flour, cornstarch, salt, pepper, garlic powder, and paprika. Add buttermilk, egg, and honey and whisk together until no lumps remain. Stir in the shrimp and make sure they are entirely coated by the batter. Set it aside and let it marinate for a few minutes.
Make sauce. In a small bowl, whisk together mayonnaise, chili sauce, honey, and sriracha sauce. Cover and refrigerate until ready to serve.
Bread shrimp. Place bread crumbs in a shallow bowl, pie pan, or large plate. One shrimp at a time, shake off the excess batter, and roll the shrimp in the bread crumbs. Press the bread crumbs onto the shrimp. Repeat with the remaining shrimp. Place the breaded shrimp on a sheet pan and refrigerate for 30 minutes to set the breading.
Heat oil in pan. In a heavy-bottomed large skillet, pour canola oil until about half an inch high and heat to 350 degrees Fahrenheit.
Cook shrimp. When the oil is hot, move quickly and use tongs to place shrimp into the hot pan without overcrowding. Cook for 1- 1 1/2 minutes on each side until light golden brown.
Cool shrimp. Transfer to a cooling rack placed over a cookie sheet lined with paper towels or a paper towel-lined plate. Finish cooking all of the shrimp.
Serve. Place shrimp on a platter and drizzle sauce over the shrimp. Serve any remaining sauce with the shrimp. Garnish with scallions if desired and serve immediately.