As you pasted-it, it does not accomplish venv:

  - you still need to change PYTHON_PATH to recognize libs from `libs`
  - packages have bin scripts sometimes that most likely, will be needed by the project

A more proper command: - pip install -t ./libs --install-option="--install-scripts=./bin"

But still, does not solve the PYTHON PATH issue, it won't be solvable because all python cli tools and all scripts in ./bin must be aware of PYTHON_PATH including ./libs

This is what venv does and pip alone cannot easily solve, replicating an entire python environment that is aware of project local pip packages