Does this actually have Quake?

I can say with confidence that this Object does not have Quake.

However, regarding the 3 "Damage Dealt" is it fair to say that:
1) It is not Penetrating.
2) It is not an Attack so you "CAN'T" use Super Senses.
3) You can use "Reducers" like Toughness, Invulnerability, and Impervious

A good house rule for the Gamma Bomb, is any character that takes damage from it also gains Super Strength & has Toughness. This way it isn't just some cheesy way to score easy points, but actually creates Hulk's.

I have this but only used it once years ago. Am I wrong when I remember that it is placed in the middle of the map? The card mentions nothing about where you place it.

The Gamma Bomb is a Special Object identified by the small gear symbol on the lower left side of its card and on its base. As such, it can be placed almost anywhere as long as it is a minimum of 5 Sq's away from either Starting Area.
Happy bombing!