It depends on a few things:
The scope and length of the project
The larger scope and term projects often require less frequent status meetings (bi-weekly is probably appropriate) as they are spread out and need more time to show appropriate progress. Often the first few weeks of a project will start as weekly as everyone gets clarity and then might reduce to bi-weekly. Weekly meetings might recommence near the end of the project as loose ends are tied up.
The complexity of the project and the urgency of communication
The more complex the project, the more frequent meetings should be. This prevents long intervals where work might not be going in the right direction. It gives everyone an opportunity to check in and ask questions regularly to keep things on track. Weekly is probably appropriate.
The purpose of the status update meeting
Are you telling your supervisor where things are at on a project for accountability? Are you giving a customer a milestone update? Do you have questions for either? Regular communication for all of these is important.
Setting weekly or bi-weekly recurring meetings with your team with consistent, structured agendas sets expectations for what will be discussed, who is responsible for presenting on what (accountability!), and builds trust with customers. Everyone knows they will get a chance to have their questions answered.
The answer to your question should be less about how often the meetings should be and more about the outcomes you want from the meetings. Is it a straight status report (which doesn't really require a meeting)? Is it an update followed by specific questions that impact which direction you take going forward on the project? Is it a status update to the customer which is tied to billing?
The key is less the frequency and more keeping the meeting purpose clear, efficient, and structured.