I absolutely agree. If I was given that explanation with a chip just found all by itself, I'd think there was some very curious inventiveness going on.

Seeing they were included with other chips makes it seem like its a bullseye. I didn't go through all the connections, but the map below shows a couple groupings (again, we haven't tracked down all the chips yet and research is continuing.)

The "STATE" was delivered to 710 Main (corner of 6th and Main) in 1936.
The "HJB" was sent to Court Hotel across the street in 1939.
In 1940, the same guy to ordered the HJB ordered different chips that were delivered to 108-1/2 E 6th, which shares a wall with the Clover Grill & Club.

It would be too much of a coincidence for the initials NOT to work.