Even if the password were irreversibly encrypted, if I can read your e-mail, I can still access your account in most systems. I can reset your password, and either follow the link they e-mail you, or see the random password they generated for you.
I think #2 is more on you for accessing your e-mail securely, and less on Pingdom. Pingdom is only saving a hacker a little bit of time.
Even if the password were irreversibly encrypted, if I can read your e-mail, I can still access your account in most systems. I can reset your password, and either follow the link they e-mail you, or see the random password they generated for you.
I think #2 is more on you for accessing your e-mail securely, and less on Pingdom. Pingdom is only saving a hacker a little bit of time.