Yeah no kidding, it's a completely useless section given OTA updates will almost always give you a status bar notification. I suppose all it's for given it doesn't actually have an option to "Check for Updates" on the D1 anyway, is to list the currently available update(s) you were previously notified about but either declined or didn't have the battery to download and install.
Actually, I was poking around the Verizon site to see if there was any info the other day, and there was a note in the support about the Incredible's "System updates" screen. It said that the option does not actually look to see if new updates are available, it's just the screen to install an update that's been downloaded but you didn't install yet.
Other things to try besides checking the System updates screen:
- remove aluminum foil surrounding your phone
- put the phone in the microwave (don't turn it on though!)
- put the phone in the fridge next to a potato
- talk to the phone (it works on plants and they don't even have multiple microphones)
- rub the phone in a petting motion to encourage it
- take your phone to a Verizon store, they'll take it in the back, and when it they bring it back you'll have 2.2...and a nifty new task killer