It's useful for metaphorically expressing a rise in status or ability, like a 'promotion' at work or 'leveling up' in a game. Conversely, it can also mean a demotion or a worsening situation.

It's an icon symbolizing modern cities, convenience, and accessibility. Just as there's the concept of an 'elevator pitch' in American business culture, it can represent rapid changes or growth. It's also sometimes used to describe awkward moments between people, like the uncomfortable silence in an elevator.