Remove the ribeye steaks from the refrigerator 30 to 40 minutes before cooking and let them come to room temperature. This is a critical step for even cooking from edge to center.
Pat the steaks very dry on all sides with paper towels. Rub each steak with olive oil, then season generously on both sides with kosher salt, black pepper, garlic powder, onion powder, and smoked paprika. Press the seasoning gently into the surface of the meat.
Preheat the air fryer to 400 degrees F for 3 to 5 minutes. A properly preheated air fryer gives you a much better sear.
Place the ribeyes in the air fryer basket with space between them. Air fry for 5 minutes, then flip the steaks carefully with tongs.
Cook for an additional 4 to 6 minutes for medium-rare (130 degrees F internal), 6 to 7 minutes for medium (140 degrees F), or 8 minutes for medium-well (150 degrees F). Keep in mind that the temperature will rise a few degrees during resting.
While the steaks finish, add the butter to a small skillet over medium heat along with the thyme sprigs and smashed garlic clove. Let the butter melt and foam until it turns lightly golden and fragrant, about 2 minutes.
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. Finish with a pinch of flaky sea salt and serve alongside roasted potatoes or a crisp green salad.