Heat oven to 425°F. Pat chops dry; rub with oil, salt, paprika, and pepper. Arrange on rack over rimmed sheet; bake 12 minutes.
Meanwhile, simmer ketchup, molasses, vinegar, mustard, Worcestershire, garlic powder, and water in small saucepan 4 to 5 minutes. Reserve half in clean serving bowl.
Thinly brush chops with cooking sauce; bake 5 minutes. Brush again; bake 3 to 8 minutes until thickest meat at least 145°F.
Discard cooking sauce and brush residue touching underdone pork. Rest chops at least 3 minutes.
Lightly spoon reserved clean sauce over meat to serve.