My knee-jerk reaction was, "oh great, distributed ping... that won't ever be misused." I've never been happier to be wrong.
The range of tests available is quite impressive and rivals services like Pingdom and ThousandEyes. Granted, you'd have to write your own dashboard, but we're all coders here right? (I know we're not, but it's still fun to generalize at times)
One thing that is not immediately clear is how to get a free API key. You say "sign up" so I'm led to believe there's a link for me to click on and a form to fill out, but I'm not seeing any, on your site or mashape. Makes me sad.