I'm not sure if that is true as our Chase Sapphire Chip & Signature card still has the magnetic strip on it and that is how it used most of the time here in the states. The only place that has the chip reader functional that I can recall is Walmart, everywhere else it works like a regular card.
We recently had a fraudulent transaction on our Chase Sapphire Chip & Signature card after traveling to Ireland a few months ago. They used it for an online purchase so the chip part didn't add any securty.
Our cards are actually made out of metal with the chip embedded in it. They provided a prepaid envelope to send back the cancelled cards to be destroyed. So I'm sure the issuers are also looking at the cost of providing and servicing those cards vs. the cost of the losses to fraud using the cheaper plastic cards without a chip.
The magnetic strip is still a big vulnerability, as is handing it over to be taken out back where the numbers can be copied manually.
I have the security code on the back obliterated and kept elsewhere (actually I put it on another card in my wallet). Without that code it should be impossible to make on-line purchases (I did this after someone stole and used my card details to create an Amazon account and buy stuff in 2012)