Preheat oven to 400F.
Add the chips to a food processor, process until just crumbs remain.
Add the ground beef to a large bowl, add 1/3 cup of the chip crumbs to the beef, put the remaining chips into a separate bowl.
Gently combine the ground beef, one egg and the chip crumbs until well combined.
In the bowl with the remaining chip crumbs add ½ cup flour, toss to combine.
Add the remaining flour to a separate bowl.
In a small bowl, whisk together the remaining eggs and 3 tablespoons water.
Using a small cookie scoop, scoop out a small amount of meat mixture. Using wet hands, roll into a tight ball.
Toss in the flour, then coat with egg wash, then toss in the chip crumbs until well coated. Add to a baking sheet. Repeat until all meat is used.
Drizzle meatballs with olive oil.
Bake for 10 minutes, turn meatballs over, and bake for ten more minutes or until the meatballs are cooked through.
In a small bowl whisk together the dipping sauce ingredients (if the sauce has a hard time coming together, use an immersion blender to blend until smooth).
Serve meatballs with dipping sauce.