Preheat your oven to 400°F (200°C). Line a baking sheet with parchment paper or lightly grease it with cooking spray.
In a large bowl, combine the hot sauce, melted butter, garlic powder, onion powder, smoked paprika, salt, and black pepper. Mix well to create a marinade.
Add the chicken thighs to the marinade, ensuring they are well coated. Let them marinate for at least 30 minutes, or up to 2 hours in the refrigerator for more flavor.
Heat the olive oil in a large skillet over medium-high heat. Once hot, add the marinated chicken thighs and sear for about 3-4 minutes on each side until golden brown.
Transfer the seared chicken thighs to the prepared baking sheet and bake in the preheated oven for 20-25 minutes, or until the internal temperature reaches 165°F (74°C).
Remove from the oven and let the chicken rest for 5 minutes. Garnish with chopped green onions and serve with blue cheese or ranch dressing if desired.