Surely, a chin guard is not designed to work the same way as the rest of the helmet, otherwise it would be like a close fitting beard type thing of the shape that industrial designers called Oswald would sport? Which would clearly be ridiculous.
As I see it, the main inner shell of the helmet crushes when pressed betwixt your head and a hard surface (tree trunk/rock/frying pan) and the energy absorbed in crushing the polystyrene is what saves your noggin' from splitting open like a coconut.
The chin guard is designed not to deform, but to create a crash barrier between your face & the ground. Sure it'll deform a bit, but that is a by product of the impact.
The chin guard keeps your delicate Nivea soaked face away from the jagged hard bits that want to rip it to shreds. What happens to the energy is of secondary importance, as far as the chin guard is concerned - presumably the impact shunts the helmet & your head backwards/sidewards until the rest of you catches up/stops. Even if the helmet decides it wasn't put on properly & the chin guard hits your face as a result of the whole lot moving, then at least you are left with an interface which consists of face/plastic chinguard/rough, scrapy stuff, compared with face/rough, scratchy stuff.
A mate of mine has one and it saved his features quite well at Penmachno once when he sailed over the bars at speed. There was quite a lot of chin guard scrape-age, but his features remained intact. He is unwilling to repeat the crash with a normal helmet to compare the results, which quite frankly is a bit selfish, if you ask me.