I define "blue chip" cards as high-grade HOF'ers that are highly coveted by most collectors and are very liquid. Think PSA/SGC 8+ cards of Mantle, Ruth, Cobb, Aaron, Robinson, Clemente, Mays, Rose, etc..
While very desirable to most I personally find most of what falls into my definition of "blue chip" cards to be boring at best. Oh, you have a PSA 8 Mantle?! Great, so do 13,000+ other people. This is why I rarely buy cards anymore.
But this is just my perspective and ultimately people should collect what makes them happy.
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