In a comment Peter LeFanu Lumsdaine has conjectured a classification, which shows that there are $16$ (!) binary subset operations. They can be combined from $1 \cdot 2 \cdot 2 \cdot 4$ independent cases. For reference, let me write them down:
$\alpha(\emptyset,\emptyset)$ must be $\emptyset$
For non-empty sets $U$, $\alpha(U,\emptyset)$ can be one of $\emptyset$, $U$
For non-empty sets $V$, $\alpha(\emptyset,V)$ can be one of $\emptyset$, $V$
For non-empty sets $U,V$, $\alpha(U,V)$ can be one of $\emptyset, U, V, U \cup V$.
Update. According to the now proven classification in terms of deflationary maps, let me also mention the corresponding $16$ deflationary maps $M : P([2]) \to P([2])$:
- $M(\emptyset)$ must be $\emptyset$
- $M(\{1\})$ can be one of $\emptyset, \{1\}$
- $M(\{2\})$ can be one of $\emptyset, \{2\}$
- $M(\{1,2\})$ can be one of $\emptyset, \{1\}, \{2\}, \{1,2\}$