Interacting with this statue gives you access to the Mist-Covered Treasure Chests that are floating in the air high above the Timeless Isle. The statue does this by knocking you high into the air and then giving you the 1-minute buff Crane Wings.
However, this statue will have no dialogue and options available until you have opened both Gleaming Treasure Chest and Rope-Bound Treasure Chest. The player's visibility of this object is controlled by the hidden weekly quest, Feather Fall Tracking Quest. If you have completed that quest for the week, you will be unable to see this object.
I don't know when the change was made, but There are no longer any prerequisites to use the statue.
Edit: Actually, I strongly think that it was a 5.4.1 undocumented change.
Can confirm this. Players no longer need to open the weekly treasure chests in order to utilize the statue after 5.4.1.
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