Preheat the oven to 425°F (220°C). Line a large baking sheet with foil and grease with nonstick spray.
Make the dry rub: Add the chipotle powder, paprika, baking powder, onion powder, garlic powder, salt, cayenne, Italian seasoning, cumin, and black pepper to a bowl and whisk until evenly combined.
Make the wings: Add the chicken wings to a large bowl and toss with the oil. Sprinkle in the dry rub and use your hands to massage it into the chicken wings.
Arrange the wings on the prepared baking sheet, spacing evenly. Bake for 15 minutes, then flip and continue baking for another 15 minutes.
While the chicken wings are baking, make the glaze: Add the peaches in syrup, brown sugar, apple cider vinegar, soy sauce, Sriracha, cinnamon, black pepper, salt, bay leaf, and water to a medium pan. Stir to combine, then bring to a boil over medium-high heat, then reduce the heat to medium and cook for 15 minutes, until the peaches have softened and sauce has thickened.
Remove the bay leaf, then transfer the peach mixture to a blender and purée on high speed for 30–60 seconds. Strain the glaze through a fine-mesh strainer back into the pan. Turn the heat to high and cook until the glaze has thickened, about 5 minutes. Whisk in the butter until fully incorporated. The glaze should coat the back of a spoon.
Carefully remove the wings from the oven and brush on both sides with about ⅓ of the glaze. Return to the oven and cook for another 5 minutes.
Remove wings from the oven brush with another ⅓ of the glaze. Turn the oven to high broil, return the wings to the oven, and broil for 2–3 minutes, or until the glaze is bubbling.
Remove from the oven and toss wings in a large bowl with the remaining glaze.
Transfer to a serving plate and garnish with the cilantro. Enjoy!