MG_ You probably forgot to copy ld.elf_so. This list works:
/tmp# find chroot
chroot/
chroot/bin
chroot/bin/bash
chroot/dev
chroot/dev/MAKEDEV
chroot/dev/MAKEDEV.local
chroot/dev/console
chroot/dev/constty
chroot/dev/drum
chroot/dev/kmem
chroot/dev/mem
chroot/dev/null
chroot/dev/full
chroot/dev/zero
chroot/dev/klog
chroot/dev/ksyms
chroot/dev/random
chroot/dev/urandom
chroot/dev/tty
chroot/dev/stdin
chroot/dev/stdout
chroot/dev/stderr
chroot/etc
chroot/etc/passwd
chroot/etc/master.passwd
chroot/usr
chroot/usr/lib
chroot/usr/lib/libterminfo.so.2
chroot/usr/lib/libc.so.12
chroot/usr/lib/libintl.so.1
chroot/usr/libexec
chroot/usr/libexec/ld.elf_so
/tmp# chroot -u rvp /tmp/chroot /bin/bash
bash-5.3$
The files inside dev were created using ./MAKEDEV std, and those in etc were copied from the system (you should, actually, generate a new one with only the reqd. entries). But really, you should just use mksandbox.