Argentina and Brazil surely deserve their own one, and it will be more and more the case as they have a lot of good youngsters. Brazil has less players than Argentina at the moment but there will be more in the future ; besides Brazil is one of the biggest countries of the world, and the name "chicos latinos" for a portuguese-speaking country still shocks me
Chile ? I don't think so their best players were in the past, they could be grouped with other Latin American countries imo.
Colombia only has Giraldo and Falla, hardly has any youngsters.