Seeing Chile at this stage is not surprising, given how well they have been performing in the Copa America in recent years. Peru, on the other hand, is a bit more surprising.
We would never see such odds in favor of Chile if this was a friendly. However, given that the teams are playing in the semi-final, anything could potentially happen.
Nevertheless, Chile should still be the favorites and meet Brazil in the final. At this stage, team depth and experience play a crucial role. And when it comes to those, Chile has the advantage.