In a large mixing bowl, combine ground meat, egg, parmesan cheese, garlic powder, salt, and pepper. Form a loaf with the meat mixture. (if too wet for your liking add 1 tbsp breadcrumbs until it forms a loaf nicely, not falling apart) Preheat air fryer to 380 degrees.
Lay bacon down slightly overlapping on a cutting board, set meat in middle and wrap around your loaf. Lay a large piece of foil down and set wrapped meatloaf in center. Fold up sides to create a sort of boat for it to sit in. Place foil boat in your preheated machine.
Air fry at 380 F for 50 minutes or until the internal temperature reaches 165ºF. If bacon begins to crisp around minute 40 and brown too quickly, simply cover top with the sides of your tin foil for the remainder of the cooking time.