Their status page is a joke, likely crippled to reduce legal liability, but at this point it's just an outright misrepresentation.
It's just Atlassian Statuspage, which is a manually-updated incident response system. Unlike AWS, Cloudflare actually makes an effort to update it fairly quickly, but it can still be slow-to-update when something is immediately wrong.
For their status page to be broken down into individual services and regions, I get the impression of some kind of automated monitoring.
The only service I saw get marked non-operational was their API, while their site and dashboard were not available at all yet marked as operational.
It's fairly standard practice these days for status pages to be manually updated. The difficulty with having them be automatically updated is that for it to be useful that system needs to have a greater reliability than the thing it's monitoring. The signal to noise ratio is otherwise a bit ridiculous.
It goes without saying that the monitoring system must be separate from what it's monitoring and must be more reliable. Compared to running a CDN for half of the internet, automated monitoring is table-stakes.
Edit: at least it showed there was a problem within <10 minutes, unlike other status pages that sometimes are green the entire time.
(Also it doesn't help that uptime monitoring systems are usually stupid and love triggering on false positives)