Place oven rack in its highest position. Set oven to Broil.
Rub steaks all over with olive oil. Sprinkle with onion powder, then with salt and pepper. Wrap one slice of bacon around each steak, and secure with a toothpick.
Place steaks onto a broiler pan, and broil for 5 to 7 minutes. Turn the steaks over, and sprinkle the tops with shallots. Broil for an additional 5 to 7 minutes, or until the steaks are cooked to your liking.