Updating the value in the Status dropdown list on incident record

I'm trying to achieve the requirement in the title in SM 9.70. I access the form designer for incident and can see that the Status dropdown uses the global list $Incident.StatusValueList ($Incident.StatusDisplayList). I try to search for this global list but there is result returned.

I try to search for list that includes the word "Incident" and 2 results are returned- "Incident Local Statuses" and "Incident Status". However, editing values in the display list of these list doesn't update the value available on the Status dropdown list on an incident. 

Please advise on how to update the value in the Status dropdown list on incident record. TIA!