First of all, chipping walls is in the present tense and cracked walls is in the past tense. And chip and crack have different meanings and different visual idea. Also, a crack is usually an linear break or split that hasn’t completely broken the wall into seperate parts and a chip is a small piece that has be gouged out of broken off the surface of the wall.

Chipping walls points to walls that have some small pieces missing from it. Cracked walls points to a complete break in the wall where there are cracks. If you chipped your tooth it would be a small piece that broke off. If you cracked your tooth there would be a break in the tooth but the whole piece would still be there.