Personally, I usually believe in the more customization you can offer the players and the more control over their experience the better. So I would like to see the ability to totally mute voice, text, and ping chats from specific teammates. I also understand the need to keep things from getting too cluttered and confusing so wouldn't be too upset to see the ping get rolled into a voice chat mute. Because in my experience the people who are worth VC muting are not normally making callouts in a constructive manner and it's unlikely they would be using the ping system for it's intended purpose.
I tend to believe in a toggle for more in depth stuff like this tho, that can be turned off by default (the simpler version) and purposefully turned on by players that want more control over their experience.
Or you could just implement a system that ignores repeated pings or gives players chat cooldowns if it detects the use of a hotkey.