Even if you sit next to someone and see him every day, 1:1s let you discuss topics that may never come up otherwise—for example, what motivates him, what his long-term career aspirations are, how he’s generally feeling about his work, and more. One-on-ones should be focused on your report and what would help him be more successful, not on you and what you need. If you’re looking for a status update, use another channel.