Melt butter in a skillet over medium heat.
Add sliced onions and cook for 15–20 minutes, stirring often, until golden brown and caramelized.
Transfer the onions to the crock pot.
Add condensed soup, beef broth, Worcestershire sauce, garlic powder, thyme, salt, and pepper. Stir to combine.
Add meatballs and gently mix until coated in sauce.
Cover and cook on low for 5–6 hours or high for 3 hours, until meatballs are hot and tender.
For thicker sauce, stir in cornstarch slurry during the last 30 minutes.
Sprinkle shredded cheese over the top, cover, and let melt for 10 minutes.
Garnish with parsley and serve warm.