Hi Mike,
I wouldn't say that PI's implementation of Bourke's interpolation is a 'bug'. It is just an implementation of a well-known ('classical', so to say) interpolation algorithm 'as is'. Obviously, it is now rarely used due to its very poor performance, and it's part of PI/PCL mostly for completeness and backward-compatibility reasons (it was also available in PI LE).
In the image interpolation problem we always have to find a delicate balance between detail preservation and prevention of artifacts. This is particularly problematic for interpolation of linear data, due to wild variations between neighbor pixels. A positive interpolation function (without negative lobes) behaves like a low-pass filter, and hence does not generate ringing. However, it does generate aliasing and tends to blur the data. A function with negative lobes, such as cubic splines or the Lanczos functions, allows us to control the exact dose of high-pass filtering to improve detail preservation and reduce aliasing, but at the cost of some ringing. In our implementations we use clamping methods to allow for a finer control of the ringing versus aliasing problem. The perfect interpolation algorithm does not exist; the user has to learn to analyze the data and find the best compromise for each case. We only can try to provide a comprehensive set of the best possible implementations.
I encourage you to explore and implement new interpolation algorithms. As you know, PCL is an open-source library since version 2.0, so this is an excellent opportunity to contribute. I already knew the references you have included, and IMO the quasi-interpolators are particularly interesting.