Browse all/update status?????

I've mulled this over LOL...checked to see if anyone else has questioned it, which they haven't.  

As the old saying goes...

(curiousity killed the cat..satisfation brought it back LOL ) 

So...what is this for....

MY STATUS

(Browse all/update Status)

I click on Browse all ...and see >>>No record  ...empty...nada

I click on Update Status... and a little box opens up to enter info..and I can confirm or cancel..

I just want to know what goes in there ..if anything ???

I already have LOYAL ACE-CHIEF  under my name and it can be changed in My Profile..