Place a large bowl of ice water in the sink.
Put a large pot of water over high heat and season the water with Old Bay, garlic powder, chili powder, and salt. When the water is boiling, add the shrimp. When the water returns to a boil, after about 3 minutes or so, the shrimp should be done - the shrimp will have turned from translucent/gray to pink and should be cooked through, but not rubbery. Be careful not to overcook. Immediately drain the shrimp and submerge into the ice water bath. Peel the shrimp, leaving the tails on.
!To Make the Sauce:
Add the ketchup, horseradish, Sriracha, lime, worcestershire, garlic, and cilantro to a food processor. Whirl until smooth and combined, about 30 seconds. Spoon the sauce into a serving dish.
Serve the shrimp promptly over ice with the Sriracha Lime Cocktail Sauce and lime wedges.