The traction control system is extremely sensitive to reported wheel speed…
Lets say you did indeed have actual wheel spin. The “ping” you heard could have been the computers (Traction Control) attempt at cutting engine power (by inducing misfires on purpose) regardless of throttle input because it correctly determined there was actual wheel spin. It was attempting to prevent you from being able to continue to spin your wheels (and thus get further out of control). In this instance the system is working just fine…it just needs to be reset.
Sometimes a faulty ABS sensor will incorrectly report one of the wheels current rpm’s…the traction control system will then see this as wheel slippage (as the other wheels seem to be outpacing the one with the faulty ABS sensor)… So the Traction control Nanny kicks in again…cutting engine power…needing to be res…you get the idea.
These are both viable and real scenarios.