Preheat an air fryer to 400 degrees F (200 degrees C).

Lay polenta rounds on a clean work surface. Brush both sides with 1 teaspoon olive oil and season with salt and pepper; set aside.

Combine shrimp and tomatoes in a bowl. Add remaining 1 teaspoon olive oil and toss to coat. Use tongs to transfer tomatoes to the basket of the air fryer.

Cook tomatoes in the preheated air fryer until blistered, about 2 minutes. Transfer tomatoes to a large bowl and smash with a wooden spoon.

Place shrimp in the basket of the air fryer and cook for 10 minutes. Transfer shrimp to the bowl with the smashed tomatoes.

Place polenta rounds in the basket of the air fryer and cook for 15 minutes. Flip and cook until golden brown, 15 minutes longer.

While polenta rounds are cooking, combine butter, parsley, hot pepper sauce, and lemon-pepper seasoning in a bowl and mix until well combined.

Divide polenta cakes between 2 serving plates. Spoon tomato-shrimp mixture over top and serve with seasoned butter.