Just having a chipped tooth dealt with this week as well.

As explained to me:

If you just extract, the other teeth will shift and rotate which will likely cause more chipping and breaking as we chew. Depending on your dosage chart you can be at risk for osteo-necrosis, the lower jaw being much more susceptible.

If the tooth broke off slightly above the gum line you have a much better chance of avoiding future caries after a crown/root canal.

an implant is the other way to go but also risky and $$$$.