I think it may be more then that. I'm pretty sure the US banks have thought about the issue and decided that it wasn't worth introducing, given the cost of updating millions of retail and bank outlets. Apparently, they're satisfied with existing security arrangements.

It's no doubt coincidental that fraud on chip-and-PIN cards is reduced compared with before they were introduced, except in the US where it has increased. That magnetic strip even on chip-and-PIN cards can still be compromised.