My philosophy is that install_requires should indicate a minimum of what you need. It might include version requirements if you know that some versions will not work; but it shouldn’t have version requirements where you aren’t sure (e.g., you aren’t sure if a future release of a dependency will break your library or not).
Requirements files on the other hand should indicate what you know does work, and may include optional dependencies that you recommend. For example you might use SQLAlchemy but suggest MySQL, and so put MySQLdb in the requirements file).
So, in summary: install_requires is to keep people away from things that you know don’t work, while requirements files to lead people towards things you know do work. One reason for this is that install_requires requirements are always checked, and cannot be disabled without actually changing the package metadata. So you can’t easily try a new combination. Requirements files are only checked at install time.