Preheat the oven to 425°F.
Place the potatoes in a large pot and cover with cold water by about 1 inch. Bring to a boil over high heat, then reduce to a simmer and cook until a fork easily pierces the potatoes, about 15 minutes. Drain and let cool about 5 minutes.
Line a rimmed baking sheet with aluminum foil and brush or rub the surface with 1/2 Tbsp of the olive oil.
Pat the potatoes dry with paper towels. Arrange the potatoes in a single layer on the prepared sheet, leaving a little space between each. Using the bottom of a glass, a potato masher, or the heel of a spatula, gently press each potato until it is flattened to about 1/2 inch thickness.
Use the remaining 4 1/2 Tbsp olive oil to brush or drizzle over the tops of the smashed potatoes so they are evenly coated. Evenly sprinkle the 1/2 tsp salt, 1/2 tsp black pepper, 1/2 tsp garlic powder, and 2 tsp fresh thyme leaves over the potatoes.
Bake for 10 minutes. Use a spatula to flip each potato and bake for an additional 12–15 minutes, until the edges are golden brown and crispy.
Remove the sheet from the oven and evenly sprinkle the 1/2 cup crumbled blue cheese over the potatoes. Return the sheet to the oven and broil on high for about 1 minute, watching closely, until the cheese is bubbling and just beginning to brown.
Remove from the oven, garnish with additional thyme leaves and chopped chives, and serve immediately.