I think there are enough published material to write a well-referenced article, if only for the sake of lazy journalists/bloggers. From the earliest use of the term (as far as I've managed to find), chipmusic was a combination of technical restraints (filesize), aesthetics (beeps) and method (trackers) on the Amiga. Fakebit is more a reaction to the newer PSG/FM-centric definition of chipmusic, I guess. I published early ideas about this (and chipmusic as media/form) in Karen Collins' book From Pac Man to Pop Music.
I'm currently finishing my thesis on chipmusic, which partly focuses on the "social construction" of chipmusic rather than the ill-fated dream of one (1) "objective" definition (whatever that would be). It's not as easy to say that it's (almost) a consequence of hardware, for example since the software has standardized so many aesthetical elements. The techno-centric way of thinking also reproduces some rather dusty (humanist/individualist) ideas of man & machine as two completely separate things.
Anyway. If someone wants to get these ideas into Wikipedia, feel free to fight the Wikipedia maffia and I can join in and help. I still think that the media-form distinction works, where media is both production/distribution/consumption, whereas form is more about consumption. After my thesis, I'll try to get some of these things published so there'll be some more weapons in the Wikipedia war