An API check sends a request with the method, headers and body the endpoint expects, often with an authentication token, then checks the answer: the status code, response headers and fields in the JSON body, such as $.status being ok or a list not being empty.
Many failures only show across several calls: logging in, using the token, creating and reading back a record. Chaining requests and passing values between them tests the API the way a client uses it.
A dedicated health check endpoint that tests the database and other dependencies, without side effects, is the cheapest thing to monitor every minute.