But wow it is confusing? People are willing to pay over $40 for an old casino chip in fancy cardboard?

From the helpful link.

Collectors can roll the dice, so to speak, in hopes of finding Museum Collection Lady Luck Relics (1:280). These cards deal with famed casinos from over the years. The card itself holds an authentic casino chip.

Museum Collection Lady Luck Casino Chip Relics Set Checklist
16 cards.
Overall odds - 1:1,280 Hobby/ePack; 1:10,240 Blaster.
Specific group odds noted.

MCL-1 Aladdin Casino Las Vegas NV $5 Canceled Chip 1970 - D 1:1,660
MCL-2 Desert Inn Casino Las Vegas $1 Chip 1981 - D 1:1,660
MCL-3 Landmark Casino Las Vegas NV $100 NCV Chip 1989 - D 1:1,660
MCL-4 Las Vegas Club Casino (Pan) Chip 1951 - D 1:1,660
MCL-5 Riviera Casino Las Vegas NV $1 Chip 1992 - D 1:1,660
MCL-6 Stardust Casino Las Vegas NV $1 Chip 1985 - D 1:1,660
MCL-7 Riviera Casino Las Vegas NV $5 NCV Chip 1980s - D 1:1,660
MCL-8 Sands Casino Las Vegas NV $1 Chip 1989 - D 1:1,660
MCL-9 Las Vegas Club Casino $1 Chip 1994 - D 1:1,660
MCL-10 Sands Casino Las Vegas NV 1 NCV Win Cards Chip 1990 - C 1:8,721
MCL-11 Stardust Casino Las Vegas NV $1 Chip 1980 - C 1:8,721
MCL-12 Dunes Casino Las Vegas 1 Green/Gray Chip 1960 - A 1:63,957
MCL-13 Desert Inn (Wilbur Clark's) Casino Las Vegas NV Roulette A Black Chip 1950 - B 1:20,631
MCL-14 Desert Inn Casino Las Vegas 100 Tournament NCV Chip 1980s - C 1:8,721
MCL-15 Dunes Casino Las Vegas $25 Chip (circulated) 1989 - B 1:20,631
MCL-16 Dunes Casino Las Vegas $100 Chip (uncirculated) 1989 - D 1:1,660

More of a Wow?
The $41 bid for a Stardust on ebay is one of the common ones, 1:1,660

Wonder what this one will do?
MCL-12 Dunes Casino Las Vegas 1 Green/Gray Chip 1960 - A 1:63,957