I'm not quite sure that I understand what you want. The "object" you are talking about
(1 - t) {Subscript[b, i]^x, Subscript[b, i]^y} + t {Subscript[b, i + 1]^x, Subscript[b, i + 1]^y}
in fact, it is not a single entity, but the sum of two lists, each of which consists of two components. Therefore, I assume that you really want to define Subscript[b, i]^x as a character.
You can do this with Symbolize from the Notation package. However, it is absolutely important that you use the template generated when you click the Symbolize button in the Notation panel (you get this when you start << Notation` ). Then enter your compound variable. I will assume that the superscript x and y are fixed characters, and the subscript i is variable:

One more thing:
It may not be a good idea to use Subscript[b, i]^y , because you will lose the ability to raise indexed variables by the power of x and y (a slight loss, but still). Instead, you can use Subsuperscript[b,i,y] . Note that the suggestion in the "More Information" section of the Subsuperscript documentation Subsuperscript seems to be clearly erroneous . It says:
To enter a subscriber into notepad, use Ctrl + _ to start a regular index or Ctrl + ^ to start a regular superscript. After typing the first script, use Ctrl +% to jump to the opposite script position. Ctrl + Space moves from index or superscript to position.
If you do FullForm on the resulting object, you will see that you did Subscript[b, i]^y instead. To get the symbol to be inserted in the Symbolize template, I see no other solution than entering Subsuperscript[b, i_, y] , evaluating and copying the result into the template.