Place oven rack in the highest position. Set oven to Broil.
Rub steaks all over with olive oil. Season steaks with garlic powder, salt and black pepper, and arrange in a single layer in a large baking dish. Wrap one slice of bacon around each steak, and secure with a toothpick.
Broil for 5 to 7 minutes. Turn the steaks over, and sprinkle the tops with onions. Broil for an additional 5 to 7 minutes, or until the steaks are done.