Preheat your oven to 400°F (200°C) and line a baking sheet with parchment paper.
Pat each piece of chicken dry using paper towels to remove excess moisture.
In three shallow dishes, mix together flour with salt, pepper, garlic powder, onion powder, and smoked paprika in one; beat eggs in another; and place panko breadcrumbs in the third dish.
Dip each chicken piece into the flour mixture, then into the beaten eggs, and finally press into panko breadcrumbs until well covered.
Arrange breaded chicken pieces on the prepared baking sheet, spray lightly with cooking spray or drizzle olive oil, then place in the oven.
While the chicken bakes, combine honey, hot sauce, butter, and optional red pepper flakes in a small saucepan over medium heat until melted and smooth.
Drizzle the hot honey sauce generously over the baked chicken just before serving.