It is possible to strip aluminum chainring bolts but it's fairly difficult. Steel chainring bolts are just about impossible to strip.
Odds are the bolt is OK, but the back is turning. This is very common which is why there are slots in the back to hold the nut side. If the screw is short enough you can hold the nut with an oversize screwdriver, and sometimes even with a dime held in pliers. But often the screw comes up high in the slot and you need a
chainring nut tool.