In a medium bowl, combine the softened butter, crumbled blue cheese, lemon juice, garlic powder, and Worcestershire sauce. Using a fork, mash and mix until well combined and creamy. Transfer the mixture onto a piece of parchment paper, roll it into a log, and refrigerate until firm.

In a skillet over medium heat, add 1 tablespoon of olive oil. Add the sliced shallots and cook, stirring occasionally, until they turn golden brown and caramelized, about 10-15 minutes. Stir in the fresh thyme leaves, season with salt and pepper, and cook for an additional minute. Remove from heat and set aside.

Season the New York strip steaks generously with salt and pepper on both sides. In the same skillet, add the remaining tablespoon of olive oil and heat over medium-high heat. Once hot, add the steaks and cook for 4-5 minutes on each side for medium-rare, or until desired doneness is reached. During the last minute of cooking, spoon the caramelized shallots over the steaks to warm them through.

Remove the steaks from the skillet and let them rest for 5 minutes. Slice the steaks against the grain and serve topped with the whipped blue cheese butter. Garnish with additional thyme if desired.