I've worked in gigs that wanted that. They were all about segmentation, but wanted ICMP echo / response available throughout.

Edit: I wonder if any "enterprise" firewalls do ICMP echo proxying. Having the firewall replace the payload would remove some of the tunneling capability (thought I assume you could still finagle a side channel by just timing the packets) but would also eliminate some of the utility (since being able to craft the payload provides a way to test for specific bit patterns in packets causing problems).