People always scoff when they see my wood chip bags next to my wood chunks.
In my opinion, wood chips are perfect for steaks. One or two pecan/hickory chips in the fire right after the sear can be the perfect touch, as long as you don't over-do it. Just a hint of smoke is all you need.
A chunk is way too much smoke for just a couple steaks. And even if I tamp it down to re-use the coals, I feel committed to burning that piece of wood on my next cook, whether or not that flavor makes any sense for what I'm cooking.
Chips are the way to go for anything hot and fast. Chunks are for low and slow.