Typical authentication consists on an identity (a name) and a secret (a password). You are designing an authentication scheme consisting on only a secret, ie. the password (in form of a guid). The problem with this approach (ie. not separating identity from password) is that the user cannot change the password if compromised, because the password is their identity.
What Maps API key and similar keys are something else: they are claims signed by the service provider. For example the registered domain from where your app is calling the Maps API. The Generate key accepts a domain you submit, will sign that domain name with a private key of the service and present you with the publis signature. When accessing the API you must present the signature (the API key) that prooves you have signed up and agreed to the terms of service. The other part of the verification (the domain your app is running from, in other words the 'claim') is detected automatically by JavaScript.
I'm by no means an expert on Maps API and I may had got some parts off, but this is typically how things are implemented. I would suggest against using a guid as an obfuscated application ID as it doesn't provide much value: a leaked guid can be used by anybody and you cannot verify any claim using a guid. Think about what are you trying to protect, or just go with an established scheme like OpenId or something.