The collapse pressure of a ping-pong ball is probably limited by the eventual buckling of the wall, instead of a compressive failure of its walls. Assuming (unrealistically) that the ball is a perfect sphere, the critical external pressure will be given by
$$P_e - P_i = \frac{2E\,\left(\frac{h}{R}\right)^2}{\sqrt{3(1-\nu^2)}}$$
where $P_e$ is the external pressure, $P_i$ the internal pressure, $E$ the Young's modulus of the material, $h$ the shell thickness, $R$ the sphere radius and $\nu$ the Poisson's ratio.
A ping-pong ball has a diameter of 40 millimeters, a weight of 2.7 grams and is made of celluloid. As celluloid's density is $1.4\,\mathrm{g\ cm^{-3}}$, its wall thickness will be
$$h = \frac{2.7\,\mathrm{g}}{4\,\pi\,(2\,\mathrm{cm})^2\,1.4\,\mathrm{g\ cm^{-3}}} \approx 0.04\,cm$$
The Young's modulus for celluloid is approximately $1400\,\mathrm{MPa}$ and its Poisson's ratio can be estimated as 0.35. Replacing these values in the expression for the critical pressure:
$$P_e - P_i = \frac{2\cdot 1400\,\mathrm{MPa}\cdot 0.02^2}{\sqrt{3(1-0.35^2)}} = \frac{1.12\,\mathrm{MPa}}{1.62} \approx 0.7\,\mathrm{MPa}$$
Assuming a compressive strength of $50\,\mathrm{MPa}$), the ball will fail "compressively" at a pressure of
$$P_e - P_i = \frac{50\,\mathrm{MPa}\cdot 0.04\,\mathrm{cm}\cdot 2\,\pi\cdot2\,\mathrm{cm}}{\pi(2\,\mathrm{cm})^2} = 2\,\mathrm{MPa}$$
so the real failure mode will be buckling. If the internal pressure of the ball is not very different from the atmospheric pressure, the crush depth of a perfect ball will be
$$d_c \approx \frac{0.7\,\mathrm{MPa}}{0.01\,\mathrm{MPa}\ \mathrm{m^{-1}}} = 70\,\mathrm{m}$$
The real crush depth will be between a half and a quarter of this value, matching the experimental value of approximately 30 meters.