Hi Joshua,
When you ping from or to the Nexus 7000, the packet needs to be processed in software (read CPU). This will introduce latency for your pings. Also, if you have CoPP enabled then you might be dropping ping packets because of that. The above behavior is expected.
If you are having issues if you ping from one server to another which goes through Nexus, then we should be processing it in hardware. If you are having issues for this kind of behavior then this is not expected and needs to investigate.
Some helpful commands to check drops:
show interface eth x/y
show interface eth x/y counter detail all
Check Drop for packets going to CPU (These two commands needs to be done from default VDC)
show policy-map interface control-plane | in drop
show hardware rate-limiter | in Drop
Hope this helps.