Convert ./components/common/chip/chip.tsx from Class Component to Function Component

[larkox]

We want to move most of our codebase from Class Components to Function Components. This decision is based on React recommendations.

The task is to update the component to be a functional component, without any difference in functionality. Also, all related tests that fail may need refactoring.

Here are a few examples of the required changes:
#24187
#24210
#24183
#24181

If the tests do not work because they rely on the behavior of Class Components they also have to be migrated to functionaly test the same behavior. We prefer the use of react-testing-library for new tests, but it is not required.

When submitting the PR, please make sure to identify where and when the component shows, for QA to properly test the changes.

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JIRA LINK: MM-57725

[Syed-Ali-Abbas-Zaidi]

Please Assign this to me.

[RISHIKESHk07]

@larkox could I try this issue ?

[larkox]

@RISHIKESHk07 Sorry, but it is assigned to @Syed-Ali-Abbas-Zaidi and he already submitted a PR. Feel free to try any of the issues that are up for grabs.