question #1 Sahih al-Bukhari 1550, Book 25, Hadith 36 : What is the significance of the Talbiya in the rituals of Hajj and Umrah?

I know how the Prophet (ﷺ) used to say (Talbiya) and it was: ‘Labbaika Allahumma Labbaik, Labbaika la
sharika Laka labbaik, Inna-l-hamda wan-ni’mata Laka walmu Lk, La sharika Laka’.