Preheat oven to 350 degrees F. Coat a 9- x 13-inch baking dish with cooking spray.
In a large bowl, combine beef, bread crumbs, eggs, water, 1/3 cup ketchup, 1/2 teaspoon salt, 1/2 teaspoon pepper, and 1/2 teaspoon garlic powder; mix well. Place mixture in prepared dish and shape into loaf. Spread remaining ketchup over top.
Bake 60 to 70 minutes, or until no longer pink in the center. Let cool, then refrigerate at least 2 hours. Slice cold meat loaf into 3/4-inch slices.
To make the coating, place flour in a shallow dish; place eggs in another shallow dish and lightly beat. Combine Panko bread crumbs, salt, and pepper in a third shallow dish. Coat a slice of meat loaf on both sides with flour, then egg, and finally with bread crumbs.
In a large skillet, heat oil until hot. Fry a few slices at a time 1 to 2 minutes on each side, or until golden brown. Drain on a paper towel-lined platter and serve.