The cop should spend $40 and buy some ligjts and a siren.
The guy dropped the bag early on, yet the cop didn't even stop and pick it up, so obviously not of any value.
That was just a cop on an ego trip, endangering the lives of the public by continuing a chase he shouldn't have.
What was the moron cop planning to do anyway if he ever actually caught the guy???
Part of being good at ones job, is knowing when to stop.