Things break. Anyone who's built or worked on web companies know how hard it is to keep things up and running. It takes a ton of hard work, talent, and resources. Even with all that in place, things happen. Pages crash, load times slow to a crawl, APIs break, bugs surface. You know what happens next.
Colleagues and users wonder what's going on. Before you know it, the company bottom line is suffering and you're in the hot seat. The real problem isn't that something broke. The real problem is that people felt they were kept in the dark about it. Things break, sites crash. Most people understand that. It's being kept in the dark that upsets them.
With a status page, you have an always-up, flexible tool for letting people know what's going on. You can let people know that you know what's going on and you're working on a solution. It's a much better experience for everyone.
They get some assurance that the problem is being working on. They feel valued for being kept in the loop. You free up time to actually fix the problem. Instead of answering a bunch of emails, you can get to work. It keeps a technology problem from becoming a people problem.