Actually, it's not just for Yanks. There is a "reciprocity fee" for citizens of any country that charges Chileans for visas, in the amount of the visa fee and payable in cash in that country's currency (no dirty bills). Besides the U.S., the list includes at least Canada and Australia that I recall. EU citizens, fortunately for the OP, are off the hook.

Personally, were it me (no $100 fee; while I'm a U.S. citizen, I already have an entry permit) I'd go into the city every time. It's more interesting than hanging around the airport. If you're after a really good meal, though, Chile is probably not the optimal country to search in. There are good restaurants, but the overall standard isn't up to quite a few other places.