Using “we” in the sense of the OP in a one-on-one conversation with a co-worker is condescending, dismissive and obnoxious.
Using “we” as a reference to the entire company and its resources when speaking to a client is perfectly acceptable. (As is the use of “we” when, for example, having a department meeting of some sort - when one might not be totally sure who in particular is working on a given issue, for example.)
In order for the collective pronoun to apply, someone else has to be involved. Otherwise, it’s “I” or “you”. In cases where there are multiple people in a department involved in something, “we” is fine, because you are associated with the department and therefore part of the collective. In cases where you are representing your company (or department, or group, or whatever), “we” is fine because it’s understood you’re speaking on behalf of others.
Even if it’s my personal direct manager checking on the status of a project that isn’t a team effort (“Where are we on this?” for example), it’s obnoxious. If you’re not personally working on something, and it’s not a widespread group-wide sort of project, don’t fucking use “we” to a co-worker, or even a subordinate. In my own personal view (and, as always, YMMV) it’s more obnoxious to a subordinate - both because you should be completely aware of who is actually performing the labor and because the implication is that all credit for good work belongs to you rather than your subordinate. And don’t be fooled - lots of managers believe precisely that. If you don’t have one, count your blessings, but don’t piss on those of us not so fortunate.
My boss does this to me all the time and it drives me directly up the wall. He continually asks where “we” are on tasks he not only isn’t involved in, but in fact has no idea how to perform and is often actively complicating. Or, occasionally, he’ll use “we” to initiate a new project in the following fashion:
“Where are we on X Project?”
“I’m sorry, I’m not totally sure what you mean by X Project. Could you clarify, please?”
This is a situation where X Project does not exist until that very moment - because it’s something he’s been contemplating, but nobody other than his imaginary friend has ever heard of it. Sometimes it’s a project he invented on the spot in the instant that conversation took place.
We’re not going to discuss the staggering irrationality of asking for a status report on a brand-new project.