Hey, a question relevant to my work! I'm an engineer that sometimes comes up with torque specs for engine parts.
Yes, torque specs are important! Especially on highly stressed components like engines and lugs. Someone did a lot of work to figure out exactly how much preload is needed to keep those two parts together, prevent fatigue damage, or make that gasket seal just right. Sometimes a "generic" torque spec is enough. You can google those for a given bolt size, thread, grade, and hole material. But sometimes a bolt needs more preload, less preload, or a narrower range of preload.
Preload on a bolt is just a (usually) linear function of torque and friction. More torque = higher preload. More friction for a given torque = less rotations of the screw = less preload. This friction is often called "nut factor" and it's different depending on many factors that are hard to control, like thread material, hole material, oiled vs bare vs coated, used vs freshly machined, etc etc. Because of all this variation in nut factor, a good rule of thumb is that a single-step torque value typically has a +-30% scatter in preload. Then there is also load relaxation. The bolt and flange materials will undergo "creep" after being torqued initially, plastically deforming and resulting in overall less clamp force. This can be up to 20% in certain applications that undergo a lot of heat and load cycles.
So if you know for sure that you need a minimum worst-cast preload of 10,000 lbs on a bolt, one must factor in the initial preload scatter (+-30%) and the joint relaxation (up to 20%). So you actually design the torque spec to hit roughly 17,850 lbs, -30% is 12,500 lbs, -20% is 10,000 lbs. That's just a rough conservative estimate. In this example, it's possible for the same bolt with the same torque to achieve 23,200 lbs and not relax at all. That's MORE THAN DOUBLE the minimum worst-case preload. So you can see how even if you're carefully using a torque wrench, there is already a lot of error built in. When you don't use a torque wrench, you are only compounding that error. Too little torque can cause the joint to loosen, too much torque can yield parts, break bolts, or strip out threads.
If a non-generic torque must be used, they are usually determined experimentally by measuring preload, torque, and sometimes rotation angle, and reviewing that data on a sample size of measured bolts to come up with a torque value that usually results in the target or minimum required preload. I say "usually" because of all the unpredictable factors mentioned above. There are many devices and methods to measure stretch or preload of a bolt in applications where design margins are lower, so you try to get by with the smallest, lightest, or cheapest bolt possible.