What getting a ratio of 1000004:1000000 tells you is that you're looking at the wrong hypotheses.
If you know absolutely-for-sure (because God told you, and God never lies) that you have either a (700,300) bag or a (300,700) bag and are sampling whichever bag it is uniformly and independently, and the only question is which of those two situations you're in, then the evidence does indeed favour the (700,300) bag by the same amount as it would if your draws were (8,4) instead of (1000004,1000000).
But the probability of getting anything like those numbers in either case is incredibly tiny and long before getting to (1000004,1000000) you should have lost your faith in what God told you. Your bag contains some other numbers of chips, or you're drawing from it in some weirdly correlated way, or the devil is screwing with your actions or perceptions.
("Somewhere close to 50:50" is correct in the following sense: if you start with any sensible probability distribution over the number of chips in the bags that does allow something much nearer to equality, then Pr((700,300)) and Pr((300,700)) are far closer to one another than either is to Pr(somewhere nearer to equality) and the latter is what you should be focusing on because you clearly don't really have either (700,300) or (300,700).)
Maybe I should back up a bit.
I agree that at 1000004:1000000, you're looking at the wrong hypothesis. But in the above example, 104:100, you're looking at the wrong hypothesis too. It's just that a factor of 10,000x makes it easier to spot. In fact, at 34:30 or even a fewer number of iterations, you're probably also getting the wrong hypothesis.
A single percentage point of doubt gets blown up and multiplied, but that percentage point has to come from somewhere. It can't just spring forth from nothingness once you get to past 50 iterations. That means ...
You know the drill - If it's worth saying, but not worth its own post (even in Discussion), then it goes here.