The Cauchy stress matrix $\Sigma$ is a $3 \times 3$ real symmetric matrix. It is interesting that we may without problems generalize $\Sigma$ to a $3 \times 3$ Hermitian matrix. It has three mutually orthogonal principal stress directions with principal stresses (eigenvalues) $\lambda_1\geq\lambda_2\geq \lambda_3$.
Consider an arbitrary unit vector
$$\tag{1} |{\bf n}\rangle~=~\begin{bmatrix} n_1\\ n_2\\ n_3\end{bmatrix}~\in~\mathbb{C}^3,$$
where $\langle {\bf n}|{\bf n}\rangle=1$. Defined the directional stress as the "expectation value"
$$\tag{2} \sigma_{\bf n}~:=~E_{\bf n}(\Sigma)~:=~ \langle {\bf n}| \Sigma |{\bf n}\rangle. $$
Let us define the unsigned shear-stress as the "standard deviation"
$$\tag{3} \tau_{\bf n}~:=~\sqrt{{\rm Var}_{\bf n}(\Sigma)}
~:=~\sqrt{\langle {\bf n}| \Sigma^2 |{\bf n}\rangle
-\langle {\bf n}| \Sigma |{\bf n}\rangle^2}
~=~\sqrt{\langle {\bf n}| \Sigma^2 |{\bf n}\rangle
-\sigma_{\bf n}^2}~\geq~0.$$
Let us now choose a coordinate system such that the $x$-axis is parallel to the unit vector $n$. In other words, the "expectation value" $\sigma_{\bf n}$ is then the first diagonal element in the $\Sigma$ matrix.
According to the Schur-Horn Theorem, a diagonal element $\sigma_{\bf n}$ of $\Sigma$ must lie between the eigenvalues
$$\tag{4} \lambda_3~\leq~ \sigma_{\bf n}~\leq~ \lambda_1. $$
The fact that diagonal elements of a Hermitian matrix always are constrained by its eigenvalues has profound consequences in many areas of physics, see e.g. this Phys.SE post.
Equation (4) shows that the point $(\sigma_{\bf n},\tau_{\bf n})$ must belong to a half-strip in the $(\sigma_{\bf n},\tau_{\bf n})$ plane. A half-strip is not quite Mohr's three semicircles with centers $(\frac{\lambda_i+\lambda_j}{2},0)$ and radii $\frac{|\lambda_i-\lambda_j|}{2}$ for $i\neq j$; but we can do better, cf. below.
$\uparrow$ Figure 1: Mohr's three circles in the $(\sigma_{\bf n},\tau_{\bf n})$ plane. Possible $(\sigma_{\bf n},\tau_{\bf n})$ points are within the green region. The principal stresses $\lambda_i$ are called $\sigma_i$.
Similarly according to the Schur-Horn Theorem, a diagonal element $\sigma_{\bf n}^2+\tau_{\bf n}^2$ of the Hermitian matrix $\Sigma^2$ must lie between the eigenvalues
$$\tag{5} \min_{i\in\{1,2,3\}}\lambda_i^2~\leq~ \sigma_{\bf n}^2+\tau_n^2~\leq ~ \max_{i\in\{1,2,3\}}\lambda_i^2. $$
More generally, a diagonal element $(\sigma_{\bf n}-\lambda)^2+\tau_{\bf n}^2$ of the Hermitian matrix
$$\tag{6} (\Sigma-\lambda{\bf 1}_{3\times 3})^2
~=~\Sigma^2-2\lambda\Sigma+\lambda^2{\bf 1}_{3\times 3} $$
must lie between the eigenvalues
$$\tag{7} \min_{i\in\{1,2,3\}}(\lambda_i-\lambda)^2~\leq~ (\sigma_{\bf n}-\lambda)^2+\tau_{\bf n}^2~\leq~\max_{i\in\{1,2,3\}}(\lambda_i-\lambda)^2 , $$
for a real parameter $\lambda\in \mathbb{R}$.
Equation (7) leads to the three Mohr's semicircles if we choose $\lambda = \frac{\lambda_i+\lambda_j}{2}$ with $i\neq j$.
The three prongs that touch the horizontal $\sigma_{\bf n}$-axis can in a quantum mechanical analogy be understood as the uncertainty $\tau_{\bf n}$ can only become small if the unit vector $\bf n$ is close to one of the three principal stress directions.