Why stop at consecrating oil just cause it's in the bible when you can consecrate anything like urine or feces or blood or boobies to magically heal with words and authority?

You answered your own question - because that is what is in the Bible. The Bible does not allow for or suggest consecrating anything but oil when it comes to annointing and healing, and so a Biblically based religion would not consecrate anything else to be used in the place of or with the same function as consecrated oil. That oil can then be used to annoint and bless individuals - some religions placing the oil directly on the afflicted area, and others placing it upon the head.