As I understand it, this is not the point of the chip and signature system. The point of the chip is to make it much much harder to clone the card. With the old non-chip system, all someone needs is your CC number. They can program that into the magnetic strip and start using it. Many places like fast food never even required signatures. Gas stations only required zip codes, and then only sometimes.
My biggest problem with chip and pin is that banks disclaim themselves of all liability for transactions that go through with a valid PIN, as they feel the chip is secure enough to prove that the card must have been real and if the pin was used, that's because you intended to do it. Nevermind that cards can still be cloned and pin numbers skimmed. This is also a problem if someone steels your card and knows your pin, you're on the hook for everything. Happened to a guy here in Canada when his ex girlfriend stole his card. Back when they were dating he shared his pin with her (big mistake... but what about marriages that end in divorce?).