blocking ICMP on the input chain only affects the router. the question is, who is being abused: the router or some hosts behind it.
forwarding ICMP storms is just like forwarding anything else, no extra impact, if your router handles x pps traffic, it will not care whether it's ICMP or anything else.
as someone previously said, ping is just one application handled by ICMP.
in case of many TCP based protocols, there is something called Path MTU Discovery (PMTUD).
it uses ICMP unreachable (3:4) messages to signal there is a hop in the path the packet should travel where
the packet will not fit through with this MTU. This is important, otherwise you end up having problems
with downloads.
or for example traceroute, which uses Time exceeded, TTL expired in transit (11:0) ICMP messages.
and there are a lot more.
ping attacks come in all shape and colour, some target the ICMP protocol, some target other protocols or mechanisms which then generate ICMP traffic (and keeping the cpu busy). For example sending packets to destinations that are not reachable. but if you try to drop them in the output chain, that helps no-one, because the resources have been already consumed to handle the action, to create the reply packet, etc... you just don't send it out. luckily MikroTik does not support directed broadcasts
normally routeros firewall provides a solution for handling "friendly" ICMP messages. this is achieved by the "related" connection state: "related - a packet which is related to, but not part of an existing connection, such as ICMP errors or a packet which begins FTP data connection"
so if you do your blocking after this entry, at least you don't mess up too much.
of course ICMP echo and echo-reply are not vital for internet access, and can be safely blocked on the external interfaces (in the input chain). you can also use limit to permit a certain amount of icmp requests - say 10pps icmp echo/reply will not kill nothing.