From what I can see this uses the same public/private key for everyone using the service. So it would be easy to MITM any HTTPS connection using this if you're a network admin or hostile WiFi etc.
I don't think this is a problem for the intended audience - developers and test sites.
But there should perhaps be a clear warning somewhere about not using this in production.
EDIT: Turns out this is actually mentioned on the FAQ page of https://sslip.io/