ACuriousMind's Answer pretty much summed up the reasons, which are essentially mathematical.
If you want to grasp the "physical significance", then I suggest you should work through an example: think of two quantum systems, each with three base states: $\left.\left|1\right.\right>$, $\left.\left|2\right.\right>$ and $\left.\left|3\right.\right>$. The set of linear superpositions in one of these quantum spaces is the set of unit magnitude vectors of the form $\alpha_1\,\left.\left|1\right.\right>+\alpha_2\,\left.\left|2\right.\right>+\alpha_3\,\left.\left|3\right.\right>$, where $\alpha_1^2+\alpha_2^2+\alpha_3^2=1$. Your states are going to be $3$-component vectors and they live in three dimensional spaces.
Now when we combine these two systems, the base states don't combine in a Cartesian product to give a six dimensional space. No, individually, each quantum system stays in its own space spanned by $\{\left.\left|1\right.\right>, \,\left.\left|2\right.\right>,\, \left.\left|3\right.\right>\}$ whilst the other one can be in any state in its own space spanned by its own versions of $\{\left.\left|1\right.\right>, \,\left.\left|2\right.\right>,\, \left.\left|3\right.\right>\}$.
So, with system 1 in state $\left.\left|1\right.\right>$, system 2 can be in any state of the form $\alpha_1\,\left.\left|1\right.\right>+\alpha_2\,\left.\left|2\right.\right>+\alpha_3\,\left.\left|3\right.\right>$. So the set of combined quantum states where system 1 is in state $\left.\left|1\right.\right>$ is a three dimensional vector space. A different 3-dimensional vector space of combined states arises if system 1 is in state $\left.\left|2\right.\right>$ with system 2 in an arbitrary $\alpha_1\,\left.\left|1\right.\right>+\alpha_2\,\left.\left|2\right.\right>+\alpha_3\,\left.\left|3\right.\right>$ state. Likewise for the set of combined states with system 1 in state $\left.\left|3\right.\right>$.
So our combined system has nine base states: it is a vector space of 9 dimensions, not 6. Lets write our base states for the moment as $\left.\left|i,\,j\right.\right>$, meaning system 1 in base state $i$, system 2 in base state $j$. Now, write a superposition of these states as a nine dimensional column vector stacked up as three lots of three: the first 3 elements are the superposition weights of the $\left.\left|1,\,j\right.\right>$, the next 3 the weights of $\left.\left|2,\,j\right.\right>$ and the last three the weights of the $\left.\left|3,\,j\right.\right>$. This is what a matrix representation of a general combined state will be.
Now, suppose we have a linear operator $T_1$ that acts on the first system alone, and a linear operator $T_2$ that acts on the second alone. These operators on the individual states have $3\times 3$ matrices. Then an operator on the combined system has a $9\times 9$ matrix. If you form the matrix Kronecker product $T_1\otimes T_2$, then this is the matrix of the operator that imparts the same $T_1$ to the three $\left.\left|i,\,1\right.\right>$ components, the three $\left.\left|i,\,2\right.\right>$ components and the three $\left.\left|i,\,3\right.\right>$ components and likewise imparts the same $T_2$ to the three $\left.\left|1,\,j\right.\right>$ components, the three $\left.\left|2,\,j\right.\right>$ components and the three $\left.\left|3,\,j\right.\right>$ components. This is what ACuriousMind means when he says:
we want every action of an operator (which are linear maps) on the individual states to define an action on the combined state - and the tensor product is exactly that, since, for every pair of linear maps $ T_i : \mathcal{H}_i \to \mathcal{H}$ (which is a bilinear map $(T_1,T_2) : \mathcal{H}_1 \times \mathcal{H}_2 \to \mathcal{H}$) there is a unique linear map $T_1 \otimes T_2 : \mathcal{H}_1 \otimes \mathcal{H}_2 \to \mathcal{H}$.
I work through a further detailed example for two coupled oscillators in my answer here.