Hello @Luke141,
As the status is given automatically, one of it's effects is as a handy summary that shows guests, who know what the badge means, that others have had a great experience of both you and your listing.
It doesn't, of itself, get you placed higher in search results but some of the characteristics needed for the status do. So working to achieve the status will help your search results ranking.
There is a filter whereby guests can search for superhost owned listings.
If you keep the status for a year you get a US$100 coupon to use for Airbnb travel.
There are some discount offers with partner companies.
It may get you more bookings from guests who know that it means you haven't cancelled a guest reservation in the past year. Not cancelling a reservation in the past year is one of the criteria for the status. I'm not sure how many guests know that though.
Some hosts take it as a badge of pride, some say it's nice but not worth the worry they may then have of loosing it and most, probably, are happy not having it as they're getting the number and type of happy guests that they want to have for the time and effort they have available to invest.
Steve.