Sometimes you see articles like this that insist that you have to play a status game of some kind etc etc. The hacker in me sees that as even more reason to look for examples of ways alleviate myself of such nonsense. If you read books like "Surely you're joking Mr. Feynman" you run across stories of him playing with Status games and poking fun at them. Though I'm sure one could argue Feynman had status games he play…
Status usually represents having done some social good. The more good you do, the higher your status. If you look at it as a measure of how much good a person has done, then it might not seem so contemptable. Who did more good for more people - a hermit or Bill Gates?
For whatever value of "good" applies in that particular social network, yes. But that value of "good" might not be anything we would call "good" in ordinary language.
For example, Bill Gates does have high status, but he has it because he is rich, not because of the particular things he did that made him rich. Those things happened to be reasonably beneficial (how much so depends on your opinion of Windows and Microsoft, and opinions on that can...vary), but many other rich people got that way by doing things that were not. Yet they still get status according to their wealth.