Most likely explanation is that some other passenger or their kid is now enjoying it. The chances of recovering electronics are slim.
ORD, like most US airports, does not handle items left onboard aircraft. That is relegated to the carrier to handle (or not). This is listed on the ORD website guide, providing links to the appropriate place to call.
AF is correct. A small item such as that might not have been found at ORD as a thorough cleaning is not done between segments. That might not occur for a day or two, so the item could have been offloaded anywhere.
I would not worry about the insurance as few policies which do cover electronics, cover items left behind.