Tldr is that the official term "city" in the UK is pretty much entirely ceremonial.
All it means is that the ruling monarch liked your town enough that they would give it city status by royal decree. That's why "city status" seems so arbitrary because it's entirely is.
"[Kevin Klowden, chief global strategist at the Milken Institute] explained that the work stoppage will impact other businesses besides production, including restaurants, catering companies, trucking agencies, and dry cleaning businesses, among many others. 'The main thing we're really factoring into it is the lost wages,' Klowden told Yahoo Finance Live"
Got to sow that discontent for the strikers among other workers. As if the Hollywood business execs give 2 shits.
Also checked up about this Milken Institute and of course it's some scumbag think tank. The opening paragraph on their Wikipedia page is great and totally makes them seem like a reputable and unbiased source.
"The institute was founded in 1991 by Michael Milken, a former Drexel Burnham Lambert banker who gained notoriety for significant financial success as a pioneer of "junk bonds" as well as his subsequent felony conviction and prison sentence for U.S. securities law violations."