Because it is not very well done.
Jokes aside. It depends on the steak. A fancy, lean, even meat is juicier with better flavor and not at all hard to chew when ‘bloody’. That kind of meat is best suited to just slap some salt and pepper on before the grill.
A stringier, fatter meat should be cooked longer to absorb all that is uneven in the meat. This is the kind of meat you might want lying in marinade for a while (up to a day) before cooking.
It is science really. The fancy meat doesn’t need much preparation and keeps more of the flavor this way. The question should really be asked: Why do some people prefer improperly cooked meat?
When I was a kid, my eating habits were influenced by my parents. They would have their steak “well-done”, and it’s what I was used to. The first time I was served “medium” steak, it gave me gas, all gurgly and stuff. So maybe there’s a reason some people prefer steak well-done, I’m not sure.
After surviving that experience, I did a little research and found out that there’s people who believe eating well-done steak is a waste, and it’s better when cooked less. So I started to experiment with eating less and less cooked steak.
In my opinion, it comes down to personal preference how you like your steak cooked. I haven’t entirely made up my mind, but I’m open to eating anything from rare to medium-well. I don’t think “blue rare” is something I’d pay money to eat.
I do have a cook friend who told me once how, if a customer orders a steak cooked a certain way, it is safer to undercook it, because if they send it back for being undercooked, you can just cook it a bit more. But if you overcook it, and they send it back for being overcooked, it’s wasted.
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