I'd say no. But I guess there is no real definition. I would say a cheeto is puffed corn. I would say a chip needs to be flat and have a "chipped" off of something appearance, hence the name "chip".
Cheetos are an extruded, cut, and fried product unlike chips which are sliced and fried.
Now if you throw Pringles into the mix (which are extruded, sliced, and fried) Cheetos would be in their category.