They got their nick-name because they devour aphids and mites. They are often let loose in gardens to eat the undesireables. Their sharp jaws crush the aphids and then they suck out the aphid juice.
Do they still look cute to you?
Ladybugs also eat the nectar of various plants including dandelions which is why they are often found in the grass. They have a life span of 1 to 2 years and on cooler days they move to the south side of trees and outside of buildings to warm themselves.
The ladybug is not a bug at all, it's a beetle. In Eastern Europe ladybugs are a sign of good luck, spotting a ladybug indicates a wish will be granted. Contrary to popular belief the number of spots does not define age. I've heard that a garden with lots of lady bugs is a healthy garden - either that or a person has a lot of aphids.