The sideline official is looking into the referee who was in the vicinity of the punter when the kick was made. He gives the wing official a chop signal when he's at the spot that aligns with the landing spot out of bounds beyond the sideline.
It's a pretty good mechanic unless the referee was preoccupied with action near/around the kick and never saw it land. To be absolutely accurate, I suppose the referee should stand at the spot where the kick was made.
This mechanic isn't used if the ball rolls/bounces out of bounds.
Your proposed mechanic wouldn't work that well if the ball landed, say, beyond the bench or in the stands.
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