No idea what it's like in other countries but it feels so utterly and completely useless here in the US. Just a waste of everyone's time that despite the potential for better security doesn't actually end up reducing costs for anyone (in particular the end user).
Before the chip switchover here in Canada I'd have to change my bank card once or twice a year because I'd used it somewhere they found a skimmer. Since the switchover, several years back, I haven't had to change it once, aside from the time I switched it for a tap capable one a few years ago.
Part of the security of it is that if a POS terminal is chip capable, and if your card has a chip, the bank will decline your transaction if you try to use the mag stripe. You HAVE to use the chip, or tap to pay. I haven't seen a non-chip POS terminal, even in the boonies, in probably 4 years now. Crossing the border into the US is hilarious, it's like going back in time.
Oh, and none of this "chip and sign" nonsense, it's chip and PIN. Debit AND credit.