I like your idea of a wild night out!
Note to others: that tester board looks fairly passive, i.e. I don't see (mention of) a microcontroller to talk to the chip that high-powered cables must have. So I guess it's somewhat limited in the number of things it can check?
I have a cheaper version, it does basically all one needs by telling you how many conductors the cable has, if it's only got 4 lights lit up it's a simple USB2, more power LEDs is a higher power charging cable, more data pairs, higher data throughput/USB3, nearly all of the lights (usually bar 1 of the CCX) it's full DP/Thunderbot, data, charging, A/V etc.
Sometimes it even shows USB-C connectors that are only wired for one orientation!
More often than not just knowing the contact has OK connection is good enough.
As far as I know the marker chips is mostly to tell the devices to not abuse the cable.