I don't think they're doing stuff like monitoring for hate speech, I mean more like "this guy is behaving oddly, take a closer look". Like how back before encryption was commonplace, just using encryption might make you stand out.
An example might be the user taking more extreme than usual steps to secure their network. The chip could try to determine that by various forms of inspection, using methods designed to hide any required traffic with normal traffic, and depending on what the results looked like, it might flag the user as an unusually savvy person of interest.
Now maybe that's not super useful to the government by itself, but user profiles could be built up checking lots of different things and I bet the result would be pretty useful to an intelligence agency. Not a big deal in the general case when the government doesn't care about you, but a problem once they decide to put you under the microscope.
On the other hand they could also just show up at your house at the crack of dawn, kill you, plant child pornography on your computer and use the media to drag your name through the mud. :02shrug: