It would be great if we could display a status description and also show a tooltip popup when the mouse hovers over the info icon next to the status. This would help users understand the current state more clearly.

For more UI/UX inspiration, you can check out how status indicators and tooltips are implemented on https://www.indiahighlight.com/.

Yeah, adding a tooltip popup on hover would make things way clearer saw something similar done really well on https://pearllemongames.ca/