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Spritz the air fryer basket with cooking spray.
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Combine the flour, paprika, baking soda, salt, and ground black pepper in a bowl. Stir to mix well.
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Combine the egg and beer in a separate bowl. Stir to mix well.
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Make a well in the center of the flour mixture, then pour the egg mixture in the well. Stir to mix everything well.
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Pour the bread crumbs and olive oil in a shallow plate. Stir to mix well.
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Dredge the onion rings gently into the flour and egg mixture, then shake the excess off and put into the plate of bread crumbs. Flip to coat the both sides well. Arrange the onion rings in the basket.
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Put the air fryer basket on the baking pan and slide into Rack Position 2, select Air Fry, set temperature to 360ºF (182ºC) and set time to 16 minutes.
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Flip the rings and put the bottom rings to the top halfway through.
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When cooked, the rings will be golden brown and crunchy. Remove from the oven and serve immediately.