I have a page on Google Plus, and I can see that there's a +1 option, but also a follow option.
There seem to be no way of interacting or even seeing trends for +1s which makes me wonder, what's the point? Am I missing something?
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Are you talking about a Google+ Page or are you simply referring to a regular Google+ profile?
+1s are simply a way for people to say "I like this" or "I agree" or "This is cool", etc. It's not completely dissimilar to a Facebook "Like". "Like" implies certain things, though, while a "+1" is more "generic" in its positivity.
One of the uses of the +1 for a page/profile is as a signal. Someone may think that your page/profile is "cool" (or insert your favorite adjective) but doesn't want to receive your updates. (For another Facebook analog, this would be like clicking "Like" and then "Unfollow".) Ultimately it's a way for Google to figure out to whom it should suggest your page/profile; who Google thinks might like it. (Or, perhaps more significantly, who wouldn't like it.) This can manifest in suggested people to follow, Google search results, and so on.