Understanding bitlocker conversion status

Got a new computer and was thinking backing up encryption key would be a good idea, but a little investigation, I guess the default is that the drive is not encrypted. But what does conversion status mean below? Control panel status shows "waiting for activation" with an option to turn on bitlocker. But that status is a little contradictory, isn't it?

Also, is it true that if it is turned on, that's when a key is generated? Does it present a key at that time to save? My PC runs only on a Local Account so it won't end up in my MS account. (unless it requires MS sign in... I wouldn't think so though).

Volume C: [OS]
[OS Volume]

Size: 364.60 GB
BitLocker Version: 2.0
Conversion Status: Used Space Only Encrypted
Percentage Encrypted: 100.0%
Encryption Method: XTS-AES 128
Protection Status: Protection Off
Lock Status: Unlocked
Identification Field: Unknown
Key Protectors:
Numerical Password

Volume W: [MYDATA]
[Data Volume]

Size: 439.45 GB
BitLocker Version: 2.0
Conversion Status: Used Space Only Encrypted
Percentage Encrypted: 100.0%
Encryption Method: XTS-AES 128
Protection Status: Protection Off
Lock Status: Unlocked
Identification Field: Unknown
Automatic Unlock: Disabled
Key Protectors: None Found