Hyperbole or not, it appears to offer nothing but hassle to end users, which probably means it's getting unpopular.
Virtually all US credit cards are chip and signature, offering little in improved security. It's slow. Most card readers have a slot but haven't had that feature activated (honestly, the only store around here that allows chip vs swipe is Wal-Mart. Publix, as one major example, doesn't) leading to confusion. The card readers themselves seem to be bug ridden, with some freaking out if you don't insert the card at the exact moment they expect it. Wal-Mart's even, until recently, made a noise like a submarine klaxon when the payment was accepted - someone and completely unnecessarily embarrassing.
Add to that the delays, and you have the least popular technology since GMX.