It's similar at my office. We also use it to let the rest of the team know on occasions when you're blocked on something.
And to be clear, when I say "blocked" I'm not talking like "I can't get any work done until X", I'm more talking like "this particular avenue needs X to happen before I can continue it, so I'm shelving it for now and doing something else until we can get it resolved." If you find yourself in the former case, something has already gone horribly wrong that should probably have been resolved days ago.
Smoothly running teams don't need this, but many teams don't run that smoothly, and then it's better to address it at the stand up than not at all.