Unless I misunderstand, you can simply reference the "Status" field (the same one you use for the Conditional Formatting calculations) as the Tooltip formula.
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Materials::Material Status = "Quarantined" is a predicate that is either True or False (in this case, the latter).
This is what you use in the Conditional Formatting (and which I assume is where you copied it from) where a formatting is triggered if a predicate returns a Boolean True value.
To display the field value itself, just reference the field:
in your tooltip calc.
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+1 to Erolst's, answer. And if you want to make it more explanatory, build it as if you're concatenating text:
"Material Status is: " & Materials::Material Status
if the tooltip is placed on top of the field you can also just use the SELF function or more verbose:
"Material Status is: " & Self