Word of caution
Actually, personally I do not mind BMW M not squeezing all potential oomph out of the 1M.
May we not reasonably assume that the folks at the M Division know exactly what they're doing to preserve the M cars' longevity and rock solid reputation to the best of their efforts? Limits are set and parts are conceived in function thereof. If the 1M happens to be "underpowered", then it was underpowered by BMW M engineers for a reason (except if non engineering reasons have to be part of the equation: for example BMW not wanting the 1M getting too close into trespassing M3 territory).
Getting closer to the limit than close can be, comes at a price. Chips tuners and tuner fans might wash my comment away as way too conservative or even ill-founded. Fair enough. However, in the past I witnessed an engine meltdown due to "creative remap chipping" (not my car). Engine-parts could not take the strain of performance on the edge and went up in smoke. Owner went thru a hassle knocking on doors, in vain: car manufacturer (not BMW) refused an engine replacement (warranty voided) and the chips manufacturer "doubted" that the chip was to be blamed. As the car could not be left with a destroyed engine, the owner was required to replace the engine at his full expense. Learning it the hard way: if any "pilot error" was involved in the incident I'm referring to, then it was the mistake by the owner to get the chip anyway and trust that the chips manufacturer would be of any decent assistance when things seriously went wrong. You ain't married to them, because in marriage you're supposed - as a matter of principle though - to also help in bad times, instead of looking the other way.
If it goes right with the chipped/remapped engine, have fun as long as it lasts. If it goes wrong one day, do know that you might end up getting wet (despite promises, guarantees, skills, long standing track records, etc.) + good luck with the resale. Replacing an M engine ain't cheap.
Also, be careful with chipped engines insurance wise. Insurers tend to be allergic (no need to believe me, but ask a lawyer friend about the consequences of "intentional non disclosure" and "misrepresentation" in insurance matters, and you'll think twice).
Feel free to do what you want, but personally you will not see me walking down the chips/remap lane. It's my way of letting the chips fall where they may.