So if you can do a bit for bit copy of the data to a new chip
That's an awfully big "if". It's very impractical to copy the data; the chip on the card isn't simply some flash memory chip, it contains a microprocessor. And it has memory that's only accessible by that microprocessor. So if you can't read that memory, how are you going to write it to a new chip? Maybe you could remove the chip from its packaging and look at the silicon with an electron microscope, but nobody's going to go through that time and expense to copy a card that has a $5000 credit limit or whatever.
Chip cards have been around for over a decade in Europe. While there have been some attacks on them, none involve cloning the card. (There was a paper describing an attack that has "cloning EMV cards" in the title, but the flaw was actually in the card reader terminals. The card wasn't literally cloned... they just found a way to trick the terminal into thinking another card was the same as the original card).