@Hawkwin, this is not about feeling like being a bully, or a savior. It is about assuring that the scouts with cutting implements are sufficiently disciplined to wield them.
Can it get out of hand? Sure! But you're weighing a possibility of feeling hazed against the probability of harm to life or limb.
Handing a kid a partly-colored buddy-tag possibly could be bullying, but pales in comparison to the probability of drowning.
Neither buddy tags or Totin Chip teach anything per se. But both inform scouts something about themselves and each other. In the process, they enable scouts