I've successfully reproduced this issue with another Chromebook. See about:gpu logs below.
Note that I can't reproduce with my MacBook though.

Graphics Feature Status
Canvas: Hardware accelerated
Flash: Hardware accelerated
Flash Stage3D: Hardware accelerated
Flash Stage3D Baseline profile: Hardware accelerated
Compositing: Hardware accelerated
Multiple Raster Threads: Disabled
Native GpuMemoryBuffers: Software only. Hardware acceleration disabled
Panel Fitting: Unavailable
Rasterization: Software only. Hardware acceleration disabled
Video Decode: Hardware accelerated
Video Encode: Hardware accelerated
VPx Video Decode: Hardware accelerated
WebGL: Hardware accelerated
WebGL2: Hardware accelerated
Driver Bug Workarounds
clear_uniforms_before_first_program_use
disable_discard_framebuffer
disable_framebuffer_cmaa
disable_post_sub_buffers_for_onscreen_surfaces
scalarize_vec_and_mat_constructor_args
use_virtualized_gl_contexts
Problems Detected
Chrome OS panel fitting is only supported for Intel IVB and SNB Graphics Controllers
Disabled Features: panel_fitting
The Mali-Txxx driver does not guarantee flush ordering: 154715, 10068, 269829, 294779, 285292
Applied Workarounds: use_virtualized_gl_contexts
Framebuffer discarding causes jumpy scrolling on Mali drivers: 301988
Applied Workarounds: disable_discard_framebuffer
Clear uniforms before first program use on all platforms: 124764, 349137
Applied Workarounds: clear_uniforms_before_first_program_use
Always rewrite vec/mat constructors to be consistent: 398694
Applied Workarounds: scalarize_vec_and_mat_constructor_args
The Mali-Txxx driver hangs when reading from currently displayed buffer: 457511
Applied Workarounds: disable_post_sub_buffers_for_onscreen_surfaces
Limited enabling of Chromium GL_INTEL_framebuffer_CMAA: 535198
Applied Workarounds: disable_framebuffer_cmaa
Disable KHR_blend_equation_advanced until cc shaders are updated: 661715
Accelerated rasterization has been disabled, either via blacklist, about:flags or the command line.
Disabled Features: rasterization
Raster is using a single thread.
Disabled Features: multiple_raster_threads
Native GpuMemoryBuffers have been disabled, either via about:flags or command line.
Disabled Features: native_gpu_memory_buffers
Version Information
Data exported	2/13/2017, 10:51:04 AM
Chrome version	Chrome/58.0.3007.0
Operating system	Linux 4.4.44-07167-ge30ab93
Software rendering list version	12.10
Driver bug list version	9.30
ANGLE commit id	34bf2d937d54
2D graphics backend	Skia/58 0
Command Line Args	--ppapi-flash-path=/opt/google/chrome/pepper/libpepflashplayer.so --ppapi-flash-version=24.0.0.207 --ui-prioritize-in-gpu-process --use-gl=egl --gpu-sandbox-failures-fatal=yes --gpu-sandbox-start-early --arc-available --enable-arc --enable-features=PointerEvent,Pepper3DImageChromium,QuickUnlockPin --passive-listeners-default=true --enable-logging --log-level=1 --use-cras --enable-wayland-server --user-data-dir=/home/chronos --max-unused-resource-memory-usage-percentage=5 --ash-enable-palette --num-raster-threads=1 --enable-drm-atomic --enable-hardware-overlays=single-fullscreen,single-on-top --login-profile=user --has-chromeos-keyboard --enable-touchview --default-wallpaper-large=/usr/share/chromeos-assets/wallpaper/oem_large.jpg --default-wallpaper-small=/usr/share/chromeos-assets/wallpaper/oem_small.jpg --default-wallpaper-is-oem --guest-wallpaper-large=/usr/share/chromeos-assets/wallpaper/guest_large.jpg --guest-wallpaper-small=/usr/share/chromeos-assets/wallpaper/guest_small.jpg --enable-prefixed-encrypted-media --enable-consumer-kiosk --enterprise-enrollment-initial-modulus=15 --enterprise-enrollment-modulus-limit=19 --login-user=beaufortfrancois@gmail.com --login-profile=843b7182193dbf4cabd1350166578872a4e2f1df --policy-switches-begin --enable-experimental-web-platform-features --policy-switches-end --vmodule=screen_locker=2,webui_screen_locker=2,lock_state_controller=2,webui_login_view=2,power_button_observer=2,*/ui/display/manager/chromeos/*=1,*/ash/display/*=1,*/ui/ozone/*=1,*zygote*=1,*plugin*=2,auto_enrollment_controller=1,*chromeos/login/*=1,*arc/*=1
Driver Information
Initialization time	50
In-process GPU	false
Passthrough Command Decoder	false
Sandboxed	true
GPU0	VENDOR = 0x0000, DEVICE= 0x0000
Optimus	false
AMD switchable	false
Driver vendor	ES
Driver version	3.1
Driver date	
Pixel shader version	3.10
Vertex shader version	3.10
Max. MSAA samples	16
Machine model name	
Machine model version	
GL_VENDOR	ARM
GL_RENDERER	Mali-T860
GL_VERSION	OpenGL ES 3.1 v1.r12p0-04rel0.50874c21549676c922318d885d02844d
GL_EXTENSIONS	GL_ARM_rgba8 GL_ARM_mali_shader_binary GL_OES_depth24 GL_OES_depth_texture GL_OES_depth_texture_cube_map GL_OES_packed_depth_stencil GL_OES_rgb8_rgba8 GL_EXT_read_format_bgra GL_OES_compressed_paletted_texture GL_OES_compressed_ETC1_RGB8_texture GL_OES_standard_derivatives GL_OES_EGL_image GL_OES_EGL_image_external GL_OES_EGL_image_external_essl3 GL_OES_EGL_sync GL_OES_texture_npot GL_OES_vertex_half_float GL_OES_required_internalformat GL_OES_vertex_array_object GL_OES_mapbuffer GL_EXT_texture_format_BGRA8888 GL_EXT_texture_rg GL_EXT_texture_type_2_10_10_10_REV GL_OES_fbo_render_mipmap GL_OES_element_index_uint GL_EXT_shadow_samplers GL_OES_texture_compression_astc GL_KHR_texture_compression_astc_ldr GL_KHR_texture_compression_astc_hdr GL_KHR_texture_compression_astc_sliced_3d GL_KHR_debug GL_EXT_occlusion_query_boolean GL_EXT_disjoint_timer_query GL_EXT_blend_minmax GL_EXT_discard_framebuffer GL_OES_get_program_binary GL_OES_texture_3D GL_EXT_texture_storage GL_EXT_multisampled_render_to_texture GL_OES_surfaceless_context GL_OES_texture_stencil8 GL_EXT_shader_pixel_local_storage GL_ARM_shader_framebuffer_fetch GL_ARM_shader_framebuffer_fetch_depth_stencil GL_ARM_mali_program_binary GL_EXT_sRGB GL_EXT_sRGB_write_control GL_EXT_texture_sRGB_decode GL_OES_texture_storage_multisample_2d_array GL_OES_shader_image_atomic GL_EXT_robustness GL_EXT_draw_buffers_indexed GL_OES_draw_buffers_indexed GL_EXT_texture_border_clamp GL_OES_texture_border_clamp GL_EXT_texture_cube_map_array GL_OES_texture_cube_map_array GL_OES_sample_variables GL_OES_sample_shading GL_OES_shader_multisample_interpolation GL_EXT_shader_io_blocks GL_OES_shader_io_blocks GL_EXT_tessellation_shader GL_OES_tessellation_shader GL_EXT_primitive_bounding_box GL_OES_primitive_bounding_box GL_EXT_geometry_shader GL_OES_geometry_shader GL_ANDROID_extension_pack_es31a GL_EXT_gpu_shader5 GL_OES_gpu_shader5 GL_EXT_texture_buffer GL_OES_texture_buffer GL_EXT_copy_image GL_OES_copy_image GL_EXT_color_buffer_half_float GL_EXT_color_buffer_float GL_OVR_multiview GL_OVR_multiview2 GL_OVR_multiview_multisampled_render_to_texture
Disabled Extensions	GL_KHR_blend_equation_advanced GL_KHR_blend_equation_advanced_coherent
Window system binding vendor	ARM
Window system binding version	1.4 Midgard-"r12p0-04rel0"
Window system binding extensions	EGL_KHR_partial_update EGL_EXT_swap_buffers_with_damage EGL_KHR_swap_buffers_with_damage EGL_EXT_image_dma_buf_import EGL_EXT_image_dma_buf_import_modifiers EGL_KHR_image_pixmap EGL_KHR_config_attribs EGL_KHR_image EGL_KHR_image_base EGL_KHR_fence_sync EGL_KHR_wait_sync EGL_KHR_gl_colorspace EGL_KHR_get_all_proc_addresses EGL_IMG_context_priority EGL_ARM_pixmap_multisample_discard EGL_ARM_implicit_external_sync EGL_KHR_gl_texture_2D_image EGL_KHR_gl_renderbuffer_image EGL_KHR_create_context EGL_KHR_surfaceless_context EGL_KHR_gl_texture_cubemap_image EGL_EXT_create_context_robustness
Direct rendering	Yes
Reset notification strategy	0x8252
GPU process crash count	0
Compositor Information
Tile Update Mode	One-copy
Partial Raster	Enabled
GpuMemoryBuffers Status
ATC	Software only
ATCIA	Software only
DXT1	Software only
DXT5	Software only
ETC1	Software only
R_8	Software only
RG_88	Software only
BGR_565	GPU_READ
RGBA_4444	Software only
RGBX_8888	GPU_READ, SCANOUT
RGBA_8888	GPU_READ
BGRX_8888	GPU_READ, SCANOUT
BGRA_8888	GPU_READ
YVU_420	GPU_READ
YUV_420_BIPLANAR	Software only
UYVY_422	Software only
Log Messages
[5857:5857:0213/105025.069285:ERROR:gles2_cmd_decoder.cc(2466)] : [GroupMarkerNotSet( crbug.com/242999 )!:6883CCBA]GL ERROR :GL_INVALID_FRAMEBUFFER_OPERATION : BackFramebuffer::Create: <- error from previous GL command
[5857:5857:0213/105025.074819:ERROR:texture_manager.cc(3224)] : [.DisplayCompositor-0xb55db900]GL ERROR :GL_INVALID_FRAMEBUFFER_OPERATION : glTexImage2D: <- error from previous GL command
[5857:5903:0213/105025.273403:VERBOSE1:drm_device_manager.cc(54)] : Could not initialize DRM device for /sys/devices/platform/vgem/drm/card0
[5857:5903:0213/105025.833054:VERBOSE1:drm_util.cc(337)] : Failed to get EDID blob for connector 32
[5857:5903:0213/105026.061224:VERBOSE1:drm_display.cc(102)] : DRM configuring: device=/sys/devices/platform/display-subsystem/drm/card1 crtc=28 connector=32 origin=0,0 size=2400x1600
[5857:7855:0213/105103.188426:ERROR:v4l2_slice_video_decode_accelerator.cc(1444)] : DecodeBufferTask(): Setting error state:4
[5857:7888:0213/105103.800853:ERROR:v4l2_slice_video_decode_accelerator.cc(1444)] : DecodeBufferTask(): Setting error state:4
[5857:7894:0213/105104.358909:ERROR:v4l2_slice_video_decode_accelerator.cc(1444)] : DecodeBufferTask(): Setting error state:4

Unfortunately, the issue is due to the fact that the stream does not conform to the H264 spec by having max_dec_frame_buffering syntax element larger than MaxDpbSize. I also confirmed this with a H264 reference decoder, which also reports this and fails to decode it.