In a large skillet, heat over medium-high and add the ground beef. Cook, breaking it apart, until browned and no longer pink. Stir in bell peppers, diced tomatoes, Rotel, water, and taco seasoning. Let it simmer for 1-2 minutes.
In a small bowl, whisk together eggs, sour cream, and heavy cream until smooth and well combined.
Spray a baking pan with cooking spray. Add the cooked beef mixture, then pour the egg mixture evenly over it.
Place the pan in the air fryer and set the air fryer temperature to 300°F. Set cook time for 15-18 minutes.
Sprinkle shredded cheddar cheese on top when the cooking time is almost complete. Let it cook for a few more minutes until the cheese is melted.
Once the cheese is melted and bubbly, remove from the air fryer and serve!