I`m not sure if I have ever seen this questioned.
When I`ve finished my smoke, sometimes I end up with what looks all the world like charcoal and sometimes just ash.
Most all the chips I use to get the smoke rolling become ash, but with the chunks used after initial smoke generation, sometimes it becomes charcoal=sometimes it goes to ash.
I don`t soak either chips or chunks anymore.
I don`t think the chunks are holding any internal moisture.
Neither end result seems to affect taste, so this is just one more useless fact that makes my brain itch.