Step 1: Prepare the chicken. Pat the chicken strips thoroughly dry with paper towels. Season them all over with salt, pepper, garlic powder, onion powder, and cayenne pepper (if using).
Step 2: Set up your breading station. In three separate shallow dishes, place: (1) all-purpose flour, (2) beaten eggs, and (3) a mixture of panko breadcrumbs and unsweetened shredded coconut.
Step 3: Bread the chicken. Dip each chicken strip first into the flour, shaking off any excess. Then dip into the beaten egg, allowing any extra to drip off. Finally, thoroughly coat the chicken in the coconut-panko mixture, pressing firmly to ensure a thick and even layer. Place breaded chicken on a clean plate.
Step 4: Cook the chicken. If frying: Heat 2-3 cups of oil in a large skillet or Dutch oven over medium-high heat to 350-375°F (175-190°C). Carefully add chicken strips in batches, ensuring not to overcrowd the pan. Fry for 3-4 minutes per side, or until golden brown, crispy, and cooked through (internal temperature reaches 165°F/74°C). Remove to a wire rack set over paper towels to drain excess oil. If baking: Preheat oven to 400°F (200°C). Place breaded chicken on a wire rack set on a baking sheet. Lightly spray with cooking oil. Bake for 18-25 minutes, flipping halfway, until golden and cooked through.
Step 5: Prepare the Bang Bang Drizzle. In a small bowl, whisk together the mayonnaise, sweet chili sauce, sriracha (start with 1 tablespoon and add more for desired heat), honey or maple syrup, and rice vinegar until smooth and well combined.
Step 6: Serve immediately. Arrange the golden coconut-crusted chicken on a platter and generously drizzle with the sweet and spicy Bang Bang sauce. Serve any remaining sauce on the side for dipping.