As other commenters have said, the 1:1 time is the report's time. It's a chunk of time in which I'm entirely and exclusively available to them. I have a set of standard questions I can default to, mostly trying to understand how they're feeling, and open-ended enough that they can talk about whatever they want. Some are done in 5 minutes with a progress report, some take close to an hour in which they sometimes share personal stuff; it's all good from my POV, happy employees are productive employees.
It's absolutely not just about their job/career path. You wouldn't believe what a MASSIVE difference it makes for people just to be heard and have your undivided attention.