Peel the russet potatoes using thick strips so that each peel has a thin layer of potato flesh attached. This helps the peels crisp up beautifully with a bit of fluffy potato on the inside. Pat the peels dry thoroughly with paper towels.
Place the potato peels in a bowl and toss with the olive oil, garlic powder, smoked paprika, onion powder, salt, and black pepper until evenly coated.
Preheat the air fryer to 400 degrees F. Arrange the seasoned peels in the basket in a single layer, working in batches if necessary to avoid overcrowding.
Air fry for 8 to 10 minutes, shaking the basket halfway through, until the peels are deeply golden and crispy on the edges.
During the last 1 to 2 minutes of cooking, sprinkle the shredded sharp cheddar cheese over the potato peels and continue cooking until the cheese is melted and bubbly.
Transfer the loaded potato peels to a serving plate. Top with crumbled bacon, a dollop of sour cream, and a generous sprinkle of fresh chives. Serve immediately while hot and crispy.