Heat the olive oil in a small skillet over medium heat. Sauté the onion and bell pepper for 3–4 minutes until softened. Set aside to cool slightly. (If adding cooked sausage, bacon, or ham, prepare it now.)
Preheat the air fryer to 360°F for 3 minutes.
In a medium bowl, whisk together the eggs, milk, Italian seasoning, salt, and pepper until just combined. Do not over-beat.
Stir in the sautéed vegetables and 6 tablespoons of the cheese.
Spray a 7-inch round cake pan thoroughly with cooking spray, including the sides. Line the bottom with parchment for easier release, if desired.
Pour the egg mixture into the pan. Tap the pan once on the counter to settle. Sprinkle the remaining 2 tablespoons of cheese on top.
Place the pan in the preheated air fryer basket. Cook at 360°F for 15–20 minutes, until the edges are set, the top is golden, and a toothpick inserted in the center comes out clean (160°F internal). Tent loosely with foil if the top browns too quickly.
Let the frittata rest in the pan for 5 minutes. Run a knife around the edge, slide it out, and cut into wedges.