Why Reflexive Graphs for Parametricity?
In the months since I asked this question, I think I have found a sensible answer.

Often, the type of relations considered do not compose. For instance, if your notion of a relation $R : D \to E$ between $\omega$CPOs is an $\omega$-chain complete subset of $|D|\times |E|$, then the relation $R : \omega + 1 \to \mathbb{N}$ between the ordered naturals plus infinity $\omega+1$ and the flat CPO of naturals $\mathbb{N}$ given by $R(n,n)$ holds and nothing else, then $R$ is admissible, as is its converse, but the composite $R;R^T : \omega+1 \to \omega + 1$ is not chain-complete, since $n R;R^T n$ for every natural, but we don't have $\omega R; R^T \omega$.