I like it.
Years ago, there was a company that marketed a magnetic ring to be worn by the gun owner on his/her gun hand (or both hands, I suppose). The ring attracted a pendulum that enable the gun to be fired. Without the pendulum moved, the gun was inoperative. I don't know if it ever was successful, but did learn of one gun that was stolen and, when the thief took it to a gunsmith to get it fixed so he could use it or sell it, the gunsmith recognized the device as being used primarily by police officers. Result: the gun was returned to the owner and thief found out.
The tracking chip seems like a GREAT idea. Not only for guns, but for my car keys and anything else I might mislay. For me to be interested, it would have to have a very low power draw (for battery life) and be small enough to fit somewhere under the grip (difficult enough with most revolvers, and nigh impossible with most autoloaders I own, though).
Big brother does not need to know if the chip is mounted in a dog collar, automobile, gun, television, computer or what.