I guess this is the welder:
https://5.imimg.com/data5/DD/FG/MY-6948317/mig-welding-machine.pdf
I'm guessing that you set the welding current and voltage with the pots, and then the ICs convert the analogue voltages into digital.
Yes, pots are going directly to the main board and then to the riser board with PWM controller and other analog circuitry.
These chips in question are only there to put out a number on the display.
The welder is different, however, it's a very cheap (about $70-120) MMA machine with decent power components for such a low price.
It runs pretty well on high currents but since it's missing an output inductor the arc is not stable enough at small currents and rods with basic coating.
So I'm thinking of upgrading it a little bit, I guess even with all required mods it may stay below $120-150 mark.
The reason for getting this machine was to have a little but powerful enough welder with all arc settings on the physical knobs.
A professional MMA welder with same features is about 3 times heavier and 4-7 times more expensive, and cheaper welders rarely have all settings adjustable via the interface and out of them welders that have settings on separate designated knobs are even more rare.