"Updating" in the phrase "Software updating" as a status message isn't a gerund though. It looks a lot like a gerund but it's really a casual form that drops the rest of the verb "[is] updating".
That's technically true. The typical interpretation would be "[The] site [was] not found" as a verb.
If you squint hard enough you can interpret is as "[The] site [is] not [in the state of being] found".