The way status works looks analogous to the way Schelling points work: members of the group expect the other members to act a certain way towards member X, and also expect that everyone will expect everyone else to expect that, and so on. This is clearly how authority works (each grunt obeys the boss because he expects the other grants to obey and punish him if he doesn't, which is what all of them are thinking), and I suspect it might be a special case of the general case of status.

The value of strength, wealth, talent and etc. for high status would then go beyond their inherent usefulness in influencing people, by also acting as salient features that are more likely to become Schelling points. At the other end, each person would know not to ally with a coward because "nobody follows a coward", which would be a pretty natural Schelling point, but a similar behavior can arise if "it is known" that people born under the full moon are unlucky, and therefore nobody expects anyone else to follow someone born under a full moon...

This accords well, I believe, with the common observation that acting as one who expects to be assigned high status is an effective way to indeed be assigned high status.