There is nothing inherently wrong with food oils as lubricants or industrial oils, in fact there are some in common use and are very effective.
Canola oil is sold as a cooking oil today but in the days before petroleum it was considered an industrial oil rather than a food oil. It's a decent lubricant and has no major issues that would prevent it from being effective to lubricate hinges and other light duty lubrication.
Linseed oil was used to good effect as an industrial oil as well. In some applications it outperforms petroleum based lubricants. Linseed oil is the same thing as flax seed oil, which is now sold as a nutritional supplement.
Recently soy based lubricants have become available, I have used one that's non toxic and food safe. It works fine as a light duty / general purpose lubricant. I haven't tried it for anything really demanding.
Animal based oils have also been used as lubricants or industrial oils or. Animal fat (tallow) is generally saturated - it's a solid at room temperature. Tallow and lanolin (oil rendered from wool) was once used as a preservative the way cosmoline is today. Lanolin is still available and still a very effective, persistent lubricant / preservative. One commonly available product that is lanolin based is Fluid Film.