Running with the chain in poor adjustment can accelerate the wear. It can be very noisy.
The 550 adjuster is an automatic windshield wiper looking type affair. Spend some time trying to understand how it works. I have, understand it for about 5 minutes, then forget again.
Anyway, I'm not a 550 guy, but i think sometimes those things can get stuck from lack of use. In the extreme may require a new adjuster.
Chains don't normally wear out in the bikes lifetime as an average runner, not raced or abused. But it the adjustment protocol has been neglected... The actual adjustment process is ridiculously easy, assuming the adjuster mechanism responds.
Replacing the chain per spec is a complete engine teardown, crankshaft removal.
Some have shortcutted the process by cutting the OEM chain (it does not have a master link) and threading thru another one and using a masterlink, these parts are available.