This landscape is extremely difficult for players to navigate and the general responses posted here reflect that. If someone had posted asking about Under Armour instead of Blue Chip the responses would be exactly the same...money grab, waste of time, players are pre-selected by region coaches before tryouts even take place etc.
Good point. My general sense (and I certainly could be inaccurate) is that the top summer events in terms of "prestige" are Under Armour, Maverik Showtime, and Adrenaline Black Card. Under Armour is a tryout process, and Showtime and Black Card are invite-only. Each has its warts, and none can claim to have all the best players. At the same time, each is supposed to be a good opportunity for D-I exposure. Relatively small number of players and relatively large number of coaches.
Beyond that, there are a variety of events to choose from, some more expensive than others. Jake Reed may be a good option for out of towners because the kids stay in dorms. NXT may be good because it is cheaper and an overnight stay is not required. Lacrosse Masters offers great exposure to Ivy and NESCAC coaches, etc. Choose based on cost, ease of attendance, and target schools, not because of some perceived "prestige" in receiving an invite.
In my opinion, Jake Reed is in an awkward calendar slot with Crab Feast, Maverik Showtime, and Under Armour all in that same 8 day period. My guess is that coaches at the more competitive programs will focus more on the latter three events. That may not be a deal breaker for a lot of prospective participants, but it should be considered.
If you want a good landscape and high exposure to D1 Coaches, the D1 Showcase, UnD1sputed Showcase for only 160 total players on 2 side-by-side fields and 30 D1 coaches present (15 on each field) plus local D2/D3 coaches. That one is legit and Showtime is great but that has been sold out since October. Und1sputed is on Long Island mid July.