Consider the sum $$\sum_{1\le k_1 < k_2 < \cdots < k_r \le n}k_1k_2\ldots k_r$$
Does this simply mean $$\sum_{\substack{|K|=r}\\\inf(K)\ge 1\\\sup(K)\le n}\prod_{k\in K} k$$
I am specifically worried about the situation when $n=r=0$. In the second notation, this is clearly 1, but I'm not sure if it is 0 or 1 in the first notation.
I set out to write an answer that said that clearly the first notation gives $1$ as well but now I am not so sure anymore.
You are essentially defining the set $I = \{\,(k_1, \dots, k_r)\,\vert\,1 \leq k_1 < \dots < k_r \leq n\,\}$. I see three sensible ways to translate the condition $1 \leq k_1 < \dots < k_r \leq n$.
It seems to me that the third interpretation is the correct one, but I really can’t give a better reason than that it agrees with your second notation which seems reasonable. If you want to use the first notation and the case $r = n = 0$ is important, you should probably mention which value you intend the sum to denote.