In version 9.1 we introduced the ability to create custom project statuses. Each project status is tied to a status description that corresponds to one of the default status types. In your case, since you are using the standard project statuses, both the name and description are the same. However, had you created a custom project status named "Status 2" and associated it with the "In Process" type, you would have seen "Status 2 [In Process]" there.
We understand that this user interface might be confusing for users who have not implemented custom project statuses, so we will be revisiting this page in order to make the layout easier to understand.
I hope this has helped clarify things for you. If you have any additional questions, please let us know and we will be happy to help.