"It seems to me that the way to track the players is just to get a count at the cage when the winner cashes out"

I doubt the cage has any interest in player tracking. Also - consider this - if I go in with a group of business clients and Im the only one with a player card - I gamble small - several of the others gamble big and win. They give me their chips to take to the cage. I get all the player points. Its easy to derive the rest from here.

The cage would have an interest in chip tracking. If the $1 chips are 'chipped' then they probably would be a bit miffed if someone walked with a rack as they cost $1.80 a piece to make...but whats the difference between buying a rack of 'unchipped' 25c chips elsewehere?

"They're sure not tracking where the chips are as I have a set of each and am sure many more people have them as well"

You may find out on your next visit that they are They know the chips are not in the casino. If the Barracuda Club tracking shows I took a stack of £100 chips home and didnt return them Im sure they would be delighted!