Ashta Bhairava and Bhairavi Represent

The eight Bahirav and Bhairavis are said to represent five elements viz. 

1. Akash,
2. air,
3. fire,
4. water and
5. earth and 

https://freeglobaluniversity.blogspot.com/search/label/Element

other three being 

1. sun,
2. moon and
3. atma - Soul

http://planeteffect.blogspot.com/
http://freeglobaluniversity.blogspot.com/search/label/Spirit

Each of the eight Bahirav and Bhairavis are 

1. different in appearance,
2. have different weapons,
3. different vahanas and they bless their devotees with eight types of wealth representing ashta Lakshmis

Goddess Bhrami - Consort of Asithaanga Bhairavar Goddess Maheshwari - Wife of Ruru Bhairavar Goddess Koumaari - Consort of Chanda Bhairavar Goddess Vaishnavi - Wife of Krodha Bhairavar Goddess Vaarahi - Consort of Unmatha Bhairavar Goddess Indrani - Wife of Kapaala Bhairavar Goddess Chamundi - Consort of Bheeshana Bhairavar Goddess Chandi - Wife of Samhaara Bhairavar

https://www.youtube.com/results?search_query=Ashta+Bhairava+and+Bhairavi