One could obviously exit the limbo by just ending up lower status.

Imagine an actor or director who's very successful and high status. Then their subsequent work is less well received. They might have a period of "status limbo" while their cultural relevance and status are unclear. If they end up teaching improv in Chicago, they've arguably exited the limbo at a lower status than a star of Hollywood or Broadway.

Young people could also be in "status limbo" by for instance completing a prestigious degree but not yet securing a corresponding job. A 22 year old taking a year after graduating to study for the MCAT is in status limbo. If they score well and get accepted into a top med school - high status. If they don't get into med school, they're an unemployed 23 year old with a minimally useful BA.