We are social creatures, it is natural to want to be accepted and appreciated by our peers.
Youth lack experience in life. Little do they know that 20 years from now none of that will mean a thing. Look at the nerd of all nerds Bill Gates.
I don't think it's just about 'status' .. I think it's about 'feeling like you belong' or 'fitting in'. No one 'likes' to be an outcast or dissed on any level. They are struggling to metamorph from child to adult and that is already an emotionally draining endeavor.