The Splunk Cloud monitoring console is an app, like the Search app. It consists of dashboards, platform alerts, and health checks. It enables Splunk administrators to gain insight into Splunk's system health, including indexing and search performance, OS resource usage, and license usage. But it's not just a stethoscope on system health, the information in the monitoring console provides insight about how your searches are working, and where you can tune them to make them better!
The monitoring console goes beyond just showing if your indexer or search heads are up or down. The monitoring console has a series of dashboards that help you monitor Splunk Cloud deployment health, for example, why users are getting "peer unresponsive" errors, or why search performance is slow. These diagnostics can also indicate where you may have inefficient searches set up, or if you have too many automated reports running that are affecting system performance.
I just added some more tips about how to get started using the Splunk Cloud monitoring console!