I could see this coming as soon as Chriseng posted his original post... Continental put up online searching for reward availability on their website, its not like they are trying to hide the poor availability. Anybody can log in and see it for themselves.
I think what they object too is the unnecessary load that this script puts on their server. I'm willing to bet that 95% of the searches you guys did were merely to show the poor availability of reward seats, and you had no intention of booking the trips you were searching for. Being able to execute 10 - 15 (?) searches all with the push of one button creates the potential for server problems, especially if this tool became widespread. I think whoever blocked the IP was trying to 'stop it before it got started'.