Oh my.....that is my favorite material. Actually my entire CNC machine (frame, gantry and z-plate) is made of bamboo plywood.
I never had trouble cutting it, although I started making the parts on my previous CNC which was a flimsy CNC-Shark.
I like it mostly because it is hard, cuts clean and super precise and leaves little or no fuzz. Normally I use an 1/8" upcut bit bit I used 1/4" as well. Never tried downcut, though and it does not sound like a good idea. Keep in mind, manufacturer's recommendations may or may not reflect practical experience.
Typical speeds were around 80-100 ipm or 150ipm for the bigger bit with 1 bit diameter cutting depth. Spindle usually 12k to 15k rpm. Except the usually smoother surface I find it cuts similar to e.g. maple.
So, I don't know what is wrong with your cuts. Maybe you got chatter with a dull bit? Or overstressed your machine rigidity?
Here is an example of some pretty precise finger joints in bamboo that I did for a bathroom sink cabinet. Even the 1/4" dowel holes are routed with the 1/8" bit.
Box Joint and Dovetail CAM software here: WWW.TAILMAKER.NET