Yes, I understand the concept. But it's actually so open-ended that you get woken up in the middle of the night if
something doesn't go right, not
everything.
If you have intermittent packet loss on your internet connection you get constant alerts about your backups not working, even though it's just the internet that's wonky. Or if this service isn't set up robustly enough, you miss your alerts when they go down. Either way you get no context about the failure, just obscure panic in the middle of the night. On top of that an attacker can enumerate the URLs (or find it via some other means) and send false requests while they take down your service without you noticing, or the opposite effect with a DDoS on the provider.
I'm not saying it's not a useful service. I'm sure plenty of people would rather pay for this thing and have some peace of mind rather than nothing (because most of these users probably aren't technical enough to do something identical in Google App Engine or a VPS). I just have high expectations for solutions that you have to pay for.