Well for one thing, with less than three phases you (the ESC firmware) can't tell if it is running forward or backwards.
Also, if it stops in the wrong place, you can't start it, or have a harder time starting it at least.
Also, just like an 8 cylinder automobile motor gives power throughout the cycle and doesn't require as much flywheel to keep it moving, a multi-phase BLDC motor gives power throughout the cycle rather than all here and then coast a while.