When a guy buys a round of drinks for people he doesn't know to show the woman at the bar he's interested in that he has a lot of money. One must not actually have a lot of money to buy status shots, but one must have enough to pay for the round and be prepared to repeat the process to let people continue thinking he is wealthy.
Tom: Who is this douche approaching our table?
Dan: Doesn't look familiar. Probably trying to steal one of Karen's friends.
Douche: I'm rich and careless with my money! Who needs a drink?! I'm getting everyone a round!
Tom: I don't care who he is. I'll reap the benefits of his Status Shots before I tell him to go away.