It is difficult to figure out the "theory" of the IPA, because it is a social construct developed over the centuries (well, it has been a work in progress for over a century), and it does not have any absolutely immutable principles (though changing the principle is similar to changing the US Constitution). One premise that seems to be the most true is that it is a system for notating segments (sounds). In the chart, half of the sub-charts are symbols for segments (consonants and vowels), and half are "diacritics" that describe general phonetic properties that can apply to a segment, for example [a] versus [ã].
On the one hand, IPA explicitly eschews diacritics (hence a separate symbol is required for [ʃ] as opposed to putting hacek on [ s ] to give [š]). Yet it also embraces diacriticky symbols, such as apostrophe for ejectives. The principle is that diacritics are acceptable when they represent general phonetic parameters of segment production. The dot-diacritic for retroflex and hacek for alveopalatal aren't general, they describe just one opposition (between alveolar and retroflex, or alveopalatal which they call postalveolar). It is still a puzzle why they use separate symbols θ ð for dental fricatives but diacritic modifications on t̪ d̪ for dental stops.
There is a
tendency but not a strict principle that when a certain sound is phonemically contrastive in some language, there should be a separate symbol for it. If a phonetic property, on the other hand, is "general" to some level (intuitively, "it would be ridiculous to invent 20 new symbols in order to avoid using a diacritic"), one just uses the diacritic.
Theoretically, one could dispense with many of the IPA vowel letters, by using a diacritic. For example, we could get rid of [ɪ] and just write [i̞] (i with tack-down), and [ɛ] could be likewise notated as [e] with tack-down (which means "lowered"). Since that vowel difference is phonemic in many languages, there is a pressure to not use a diacritic. The phonetic fact that you noted between British vs. American English is not a phonemic contrast within a language. Therefore, to describe that difference, one can't call on different primary symbols, you have to appeal to diacritics. These same diacritics (raised, lowered, retracted tongue root, less round, more round) are used for more precise phonetic descriptions which don't rise to phonemic status within a single language / dialect, especially for describing contextual variants ("the vowel is slightly raised before velar consonants").
IPA is designed to make it possible to be more precise than "what is phonemic", but IMO it should be seen as a system for phonemic writing that has been augmented with other descriptive resources so that you can be a
little bit more precise about phonetic properties.
IPA letters are quite vague at the level of phonemic contrast, which is why there are a dozen IPA-consistent transcriptions of English vowels as in "say", "go". Ideally, you use the symbol that is "closest" to the particular sound of the language. That means: you have to refer to the standard.
https://www.internationalphoneticassociation.org/IPAcharts/inter_chart_2018/IPA_2018.html is the standard. It would be an interesting exercise to collect recordings of words by speakers of different dialects and then attempt to characterize the phonetic differences. I think British English has a lower, backer, rounder vowel that in the American pronunciation. You can use diacritics to describe that, or you can write the British vowel as [ɒ].