I have never seen that in action. The seniors don't care, don't read the status updates, are not listening to actual stand-ups. We just pretend to. When something needs to be communicated or worked out with team members efficiently it's with the relevant people directly.
Maybe for very new people who need high levels of guidance it could be helpful. But it’s a practice that has no basis in evidence to be so widespread.
Stand-ups are a waste of time.