I guess this was a gray market bumper reinforced to appease US standards?
Any thoughts on what to do?
Should I cut out the steel strips and then rechrome?
Just leave them and rechrome.
You can throw that part in the trash.
I am pretty sure, that these rusted steel stripes are not welded!
After removing the stripes just clean the surface, treat rusted areas with some rust converter & then epoxy primer. Primer under that stripes look good, so if outside chrome is ok, you should be good to go.