Depending on the criteria used, IBS diagnoses usually have specific inclusion criteria of symptoms but most importantly it has an exclusion that other diseases have been ruled out. So in general, patients don't get dx'd with IBS if they have an IBD dx, b/c the IBD excludes the diagnosis of IBS. With that being said, diagnoses are just groups of symptoms clustered together that were made up by humans to try to explain and categorize the complexity of the human body. So they can be somewhat arbitrary cutoffs at time and explains why diagnoses and criteria change over time for many disorders of the human body.
If you think about the enteric nervous system being overly stressed (from many possible causes including excessive inflammation, overexposure to infection/toxins, abnormal function/stimulation of endocrine stress axis, etc), then knowing the way neurons work, it makes sense that they could become hypo or hyper-sensitive to stimuli and this could lead to a dysregulated brain-gut connection. Healthy/"normal" (I don't know how one truly defines healthy bowel function) bowel function requires a tremendous amount of coordination with multiple systems to work properly.
With a dysfunctional brain-gut communication (the brain and gut communicate in both directions with each other via immune, endocrine and neuronal pathways) then it makes sense that one would have abnormal bowel function, experienced as symptoms, which would include constipation, diarrhea, bloating, discomfort, nausea etc. Some of the symptoms might be more severe and be associated with lab abnormalities, blood in stool, have diagnosable lesions on scopes/pathology, etc (so you get a dx of Crohns or UC) but this doesn't mean it isn't on a spectrum of bowel functioning. So, I think one can have IBD but a lot of the symptoms are due to a dysregulated enteric nervous system resulting in many "IBS symptoms." Chronic inflammation can cause long term changes to the neurons in the enteric nervous system, as well as the feedback between the brain and gut so one could still have abnormal gut function but have lab values that have normalized.
These are just my thoughts, I'm not a gastroenterologist. Not sure if that makes any sense or helps.