trying to sell extended warranty the dealer made sure to repeat that again and again ( i still didn't buy and as of now, 5.5 years later, no chip nor anything else has failed so far :)
That being said, I opted out of it with my last car.
In another car (same mfr) I looked into getting one when the regular warranty was about to run out. Sales guy looked and said: main thing that happens to these older cars is X and Y and you already replaced X so it's not worth it. I always wondered if what he really meant was "main thing that happens is something expensive and I'd rather get paid retail to fix that". Either way I skipped it and never had a problem.
I do consider it insurance.
Most of this stuff is extremely reliable!
Automotive grade chips are probably second only to aerospace parts.