> the federal government wants to give these chip companies a bunch of money as long as they pinky promise to uphold the requirements of the bargain?

This mischaracterizes the bill. There are a bunch of programs [1], ranging from funding the National Science Foundation to this thing [2]. (Much of the bill is a tax credit, which involves the government forking over no money up front.)

If you're concerned about grants, the Commerce Department is soliciting input for the coming rule making process [3][4].

[1] https://www.commerce.senate.gov/services/files/1201E1CA-73CB...

[2] https://sam.gov/opp/656b39ff64ec4d4fa47ff9820d1c554b/view

[3] https://www.commerce.gov/news/press-releases/2022/01/commerc...

[4] https://www.federalregister.gov/documents/2022/01/24/2022-01...