One distinction that I think might be made in the issue of industrial adoption of canola vs commercial quenchants, is likely price, but in the other direction.
Even though commercial quenchants are pricey for us in the small volumes we consume, considering the petroleum base, I imagine that in the large wholesale scale, industrial(petroleum based) quench mediums are likely less expensive than canola based ones. In fact, the article being linked here mentions "price" as one of the disadvantages of vegetable oils, it makes sense, when you factor in all the markets that utilize these oils for other purposes, such as the food industry, the bio fuel industries, lubricant industries, etc. etc.
Something that many don't seem to realize here, the vast adoption of "petroleum" based oil bases by industry has almost zero to do with efficiency for the task, but the fact that until recently they were often the absolute cheapest and most abundant base material available. That's why even though plastics were invented using peanut oil, they ended up being made over the decades after the invention almost entirely out of petroleum based oils, much of which I believe were by-products of crude refined for other use. The skyrocketing of oil prices along with environmental concerns are one of the main reasons why most industries are constantly seeking other alternatives for any petro-chemical based products, and it's generally a win-win for them since they can play the "green" aspect of it up also.
The assumption that "industry" only does the best work they can, is a serious leap of faith, especially considering how much evidence there is to the contrary. Lets never forget that most large businesses exist almost entirely for the pursuit of profit. (with some exceptions I'm sure) We don't trust politicians, lawyers, used car salesmen, etc, why should we expect that any corporation is in pursuit of the *best* product, as opposed to the most profitable "good-enough product", that's just a little bit better than the competition's similar fare?
I expect we're going to see a ton of vegetable based new quenchants coming on to market soon, if there aren't already a ton we're not aware of, and eventually, I doubt there will be many petroleum based ones, and I doubt you'll find industry be-moaning the good old days of those quenchants if the profits are still good.
I admit, that's a bit of a rant, sorry, if it's off-base, feel free to delete.