Yeah, I was just thinking about that, Basic, and it has everything to do with how you generate the function. With bicubic, it is possible to make both the function and the first derivative continuous, but with biquadratic it would still only be possible to make the function continuous, though the first derivative would be "closer to continuous" than the bilinear case.
Anyway, what it would require is not finding a quadratic function that goes through the three sample points, but does something different. I'm sure it would be quite challenging trying to find a good system (more challenging than bicubic, actually...), but the best might be to actually just take the algorithm used in bicubic and sort of reduce it to a biquadratic form.
Update:
Speaking of which, I did some thinking, and though no site I've seen yet describes why bicubic uses the function it does, I now find it likely that the method for generating the function is not based upon finding a function that goes through the texel sample points.
Instead, the algorithm is probably based upon making certain that the two borders of where the pixel "switches over" to another set of samples (i.e. instead of using 1-2-3-4, it uses 2-3-4-5), both the function and its first derivative remain continuous.