The answer to this question has the roots in the symmetry properties of space and time. I will choose the lagrangian formalism of classical mechanics to answer the question, where the lagrangian $\mathcal{L}$ is a scalar function which is the difference between kinetic energy and potential energy.
We know that space is homogeneous and isotropic, and time is homogeneous.
For a free particle, it follows that the lagrangian $\mathcal{L}$ should have the following properties:
- $\mathcal{L}$ should not depend on the position coordinate.
- $\mathcal{L}$ should not depend on the velocity vector. Rather it should depend on the magnitude of the velocity, i.e., some power of the velocity vector.
- $\mathcal{L}$ should not depend on the time coordinate.
So the general form of the lagrangian would be $$\mathcal{L}(x,v,t)=\alpha v^n$$ where $\alpha$ is a constant. Now, we can evaluate the momentum by using the relation $$p=\frac{\partial\mathcal{L}}{\partial v}=\alpha nv^{n-1}$$
We know that the momentum is a linear function of the velocity. This is possible only when $n=2$ in the above expression.
The lagrangian function is written as $\mathcal{L}=T-U$, where $T$ is the kinetic energy and $U$ is the potential energy. Since we are considering a free particle (which has only kinetic energy), the lagrangian (choosing $n=2$) is $$\mathcal{L}=T=\alpha v^2$$
Thus, the kinetic energy is proportional to $v^2$ and not any other power of $v$.