10:16:36 leo@group-20 ~ → sudo chmod u-s /bin/ping
10:18:59 leo@group-20 ~ → ping google.com
ping: socktype: SOCK_RAW
ping: socket: Operation not permitted
ping: => missing cap_net_raw+p capability or setuid?
10:19:03 leo@group-20 ~ → sudo setcap cap_net_raw+ep /bin/ping
10:19:48 leo@group-20 ~ → ping google.com
PING google.com (142.251.20.138) 56(84) bytes of data.
64 bytes from bx-in-f138.1e100.net (142.251.20.138): icmp_seq=1 ttl=112 time=10.5 ms
64 bytes from bx-in-f138.1e100.net (142.251.20.138): icmp_seq=2 ttl=112 time=9.83 ms

The capability is required because ping sends ICMP packets to function.
It has to create raw network sockets and for that the kernel needs the cap_net_raw capability.

The permitted set grants the executable the right to posess this capability.
The effective set is needed because ping is not programmed to automatically set the effective set on runtime which is needed for the program to open the raw socket immediately.