Under $SU(3)$, $3\times \bar{3}=8+1$ i.e., the tensor product of the fundamental and the conjugate (to the fundamental) representation is reducible: 1 represents the singlet under $SU(3)$, and 8 represents the octet. Assuming the quarks belong to $\psi^i\in 3$ and anti-quarks $\phi_i\in \bar{3}$, there will be 9 combinations, in the tensor product, of the form $\psi^i\phi_j$. I understand that, eight of the nine states transform into linear combinations of each other and one state remains unaltered.
What is the physical significance of this decomposition? In particular, I want to understand whether the singlet state is really different from the states in the octet in terms of its physical properties or interactions. I want to understand what is/are the physical conclusions that can be drawn mathematically from this decomposition.