In the US at least, the button actually has to connect you to monitoring staff. It can be the building staff if they have 24/7 support but it usually goes to an outside monitoring company. It also has to be in a highly accessible location which is why it’s at the bottom of the panel generally. The US is kind of a stickler for accessibility and safety in building codes, despite the country’s reputation.

This is an older post from the UK so I don’t know if the button was required to be connected and something was wrong or if they really can leave it as a simple alarm like that.