Steps to reproduce this issue are as follows:
Expected Result: "Overall Status" gauge uses either the latest "Final" Status Report, or the latest "Draft" report to fetch "Overall Status"
Actual Result: "Overall Status" gauge turns to "On Track" when there are no "Draft" Status Reports.
This behaviour was tracked through DE52100.
A review of this behaviour has been done by Product Management, and determined to be a Software limitation. The Overall Status gauge is supported only for the "Status" module in the New UI, and not for the "Status Report" module. Through the "Status" module, the ability to turn all Status Reports to "Final" status does not exist.
All Project Tiles now won't have this badge. If you still see a badge, fill in a Status Report, and do a browser refresh.