In a small bowl, combine hickory smoked paprika, oregano, garlic powder, onion powder, salt, and black pepper to create a spice rub. Rub the spice mixture evenly over the hanger steak, ensuring it is well-coated. Let it marinate for at least 30 minutes at room temperature, or refrigerate for up to 4 hours.

Preheat your smoker to 225°F (107°C). If using a grill, set it up for indirect heat. Place the hanger steak in the smoker and smoke for about 1.5 to 2 hours, or until it reaches your desired internal temperature (medium-rare is around 130°F (54°C)). Remove the steak from the smoker and let it rest for 10 minutes before slicing.

While the steak is smoking, wash and peel the russet potatoes. Cut them into waffle fry shapes using a waffle fry cutter. Rinse the cut potatoes in cold water to remove excess starch, then pat them dry with a paper towel.

Heat vegetable oil in a deep fryer or a heavy pot to 350°F (175°C). Fry the potatoes in batches until golden brown and crispy, about 5-6 minutes per batch. Remove the fries and drain on paper towels. Season with salt immediately.

In a saucepan over medium heat, add the beef stock, Worcestershire sauce, and soy sauce. Bring to a simmer. If you desire a thicker gravy, mix cornstarch with a little water to create a slurry, then whisk it into the simmering stock. Cook until thickened, about 2-3 minutes. Season with salt and pepper to taste.

Slice the smoked hanger steak against the grain into thin strips. Serve the steak on a plate alongside a generous portion of waffle fries, drizzled with the savory jus gravy.