Yes, there is a security reason behind it, and the logic has existed since the 1990s, although I don't believe that it is needed in today's modern world.
You see, back in the 1990s, it was possible to bring down a site by flooding pings, thus DDOSing the site. So, for this reason, pinging was disallowed by some servers.
However, in today's world, servers are more secure, and the internet lines able to withstand heavier traffic. Your server is not likely to be brought down by a series of pings nowadays - its more likely that the attacker will end up with his connection lagging (self-owned). The ping method of DDOSing servers is hence outdated.
If your server can be brought down by pings, then something should be of your concern....