Chassis, while not perfect, usually has lower resistance than a cable so provided it is substantial enough, would be considered the best 'ground' available.
It's a matter of proportion, even if your equipment was a solid block of copper, it would have resistance from any point to another.
Obviously for millivolt signals you would provide signal grounds as well, probably as screens around the signal wire but when you are talking about 48V supplies with their own 'noise' on their outputs, a chassis connection would be perfectly acceptable.
Brian.