Position rack in top third of oven and preheat to 375°F. Line small baking sheet with foil. Arrange bacon slices on foil; brush bacon with all of molasses, then sprinkle with pepper.
Bake until bacon is cooked through but not crisp, about 15 minutes.
Transfer bacon to work surface; cool. Chop bacon; transfer to small bowl.
Add butter and stir to blend. Season to taste with salt and pepper. (Can be made 1 day ahead. Cover; chill. Bring to room temperature before using.)
Prepare barbecue (medium-high heat). When coals are white, spread wood chips in 8x8-inch disposable aluminum foil pan; place pan directly atop coals.
Sprinkle steaks with salt and pepper. When chips are smoking, place steaks on grill rack. Cover grill and cook steaks to desired doneness, about 4 minutes per side for medium-rare.
Transfer steaks to plates. Spoon bacon-molasses butter atop each and serve.
