I've always been on many different fences about this topic. On one hand, I would say I prefer synthesized sounds over "real" instruments, so I tend to listen to a lot of chiptune when it comes to melodic music. I've come across my fair share of "chiptune" artists who don't even know what a tracker is, much less what qualifies as "chip".
Here's my input: Chiptune, to me, feels wrong if it isn't attached to some sort of authenticity. I actually want to burn these people alive; the kind of people who claim they make chiptune, but just use FL Studio and a horrid "8-BIT SOUNDS" VST. Or even worse, GXSCC. That doesn't even require any talent whatsoever. (And I used to be one of those people who used that and made those videos, so I know!)
Chiptune's always been linked to trackers, actual CHIPS (hence the name), and often the demoscene. I feel that if you aren't using some sort of authentic thing, such as a legitimate chip or even sounds sampled from that chip, it isn't chip. Squarewaves alone aren't what make chiptune what it is. And like I said, many of these "chiptune" artists don't even know what a tracker is, or any of the chips by name.
It makes me saddened to see chiptune be interpreted by the public as simple bleep-bloop music with no history, no soul, and no proficiency. And for the people saying that "ohh you should just enjoy it for what it is, music is music", no. If you're trying to imitate an easily accessible style of music, at least use the correct things to make that music -- it's what the makes that type of music what it is. If you want to make music, make music, but don't try to enter a genre just because you can, or just for the appeal to the demographic of mostly teenage kids who think they're cool and cleverly retro for listening to chiptune. I bet those guys collect retro games because it's COOL too.
I mean, that's at least my view on this thing. I guess.