Remove the steaks from the refrigerator and let them sit at room temperature for 30 minutes. Pat them completely dry with paper towels on all sides - this is key for a good sear.
Rub the steaks with olive oil. In a small bowl, combine the kosher salt, black pepper, garlic powder, onion powder, and smoked paprika. Season both steaks generously on all sides, pressing the seasoning into the meat.
Preheat the air fryer to 400 degrees F for 3 minutes.
Place the steaks in the air fryer basket with space between them. Air fry at 400 degrees F for 8 to 10 minutes for medium-rare, flipping once at the halfway mark. Use an instant-read thermometer and pull the steaks at 130 degrees F for medium-rare or 140 degrees F for medium.
While the steaks cook during the final minutes, melt the butter in a small saucepan over medium heat with the fresh thyme sprigs and smashed garlic cloves. Cook for about 2 minutes until the butter is fragrant and just beginning to foam. Remove from heat.
Transfer the steaks to a cutting board and immediately spoon the herb garlic butter over the top. Tent loosely with foil and rest for 5 minutes. This rest period allows the juices to redistribute for a juicier steak.
Slice the steaks against the grain if desired, or serve them whole. Spoon any collected resting juices from the board over the top before serving.