I still wonder about it. Like you said, they have integrated (driver level or something) URL scanning that is independent from the toolbar. Also, some AVs detect components of that toolbar as Adware - which I think it is really. It was denied by their staff that this toolbar or its components snoops behind their users, but actually I don't believe it that much. Why else bundle it with free version? It adds no protection, no usability what so ever. Toolbars themselves are LONG dead.
I believe it is to make some money out of free users... I could be wrong tho.
In the Free version you need to install the toolbar to get the url protection, you have no choice if you want to get the url protection. But the paid versions it is already integrated in the product. You don't need to install the toolbar, simply unselect during installation
It is true that many AVs detect it as a PUP, hope they improve something concerning that toolbar soon. The best thing would be that they remove it. Obviously, like some other free AVs it is used for some sort of tracking and revenue. Been using the Panda Internet Security 2016 on a work Pc for about a year now, and personally i think it is one of the best product on the market. Fast, light and effective.
On the management and communication side they really need some work, underlined by
RejzoR just above. Sometimes it's annoying that they don't provide proper changelogs about their product. You have to ask on their support forum to get the details about those changelogs.This has to be fixed.
I also think that they should get back in some independent test, because it is good for business, selling their product and for a good company image.
The registration is pretty standard for many AVs today. You need that registration to activate your product and also for anti-theft features for example.
The free version is a bit basic, but the Antivirus pro, Internet security or Global protection are really good products. Many testers often test the free version only and not the paid versions. Perhaps that is why it is often a highly underrated product.