Preheat the air fryer to 400°F and spray the basket with cooking spray.
Add the frozen tater tots in a single layer and cook for 12-15 minutes, shaking the basket halfway through, until golden and crispy.
Sprinkle the shredded cheddar cheese evenly over the cooked tater tots and return to the air fryer for 2-3 minutes until the cheese is melted.
Transfer the loaded tots to a serving platter and immediately top with crumbled bacon.
Add dollops of sour cream across the top, then sprinkle with green onions and black olives.
Season with salt to taste and serve immediately while hot and crispy.