I am presuming the dimension of all the vectors spaces is finite. It is a known fact that $V$ and $V^{**}$ are naturally isomorphic in the sense that there is a natural transformation-isomorphism between the functors $id$ and $-^{**}$.
Is there a natural isomorphism in some similar sense, between $V \otimes V$ and $W$, where $W$ is the vector space of bilinear forms on $V^*$? By bilinear form on $V^*$, I mean a bilinear map from $V^* \times V^*$ to $F$, $V$ vector space above $F$.
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I would expect that yes, since similarly to the argument with $V$ and $V^{**}$, I can define a 'basis-indendent' isomorphism between $V \otimes V$ and $W$:
We can define a bilinear map $\varphi : V \times V \rightarrow W$, by $\varphi(v_1,v_2)(f,g)=f(v_1) \cdot g(v_2)$. From the universal property of $V \otimes V$, there is thus a unique linear map $\psi : V \otimes V \rightarrow W$, such that composing $\psi$ with the associated bilinear map $\phi: V\times V \rightarrow V\otimes V$ gives us $\varphi$ - in other words, $\varphi = \psi \circ \phi$.
This could maybe suggest, that this $\psi$ will be the wanted map, that will give us the natural isomorphism. If we want, perhaps a more explicit definition of $\psi$ could be deduced - it seems like it is necessarily true that $\psi (v_1 \otimes v_2) = \varphi (v_1,v_2)$, so we know what $\psi$ does on $v_1 \otimes v_2$ elements in $V\otimes V$ - this should induce what $\psi$ does on the whole vector space $V\otimes V$.
We have that $$ V \otimes V \cong V^{**} \otimes V^{**} \cong (V^* \otimes V^*)^* \cong \operatorname{BF}(V^*). $$
The first isomorphism comes from the natural linear map $$ \iota \colon V \to V^{**}, \quad v \mapsto ( \varphi \mapsto \varphi(v) ). $$ This map is always injective, and since $V$ is finite-dimensional it is already an isomorphism.
The second isomorphism comes from the fact that for all vector spaces $V$, $W$ there exists a natural linear map $$ V^* \otimes W^* \to (V \otimes W)^*, \quad \varphi \otimes \psi \mapsto (v \otimes w \mapsto \varphi(v) \psi(w)). $$ This map is always injective, and if both $V$ and $W$ are finite-dimensional (or one of them is $0$) then it is already an isomorphism.
The third isomorphism comes from the fact that for all vector spaces $V$, $W$ the universal property of the tensor product $V \otimes W$ results in a natural isomorphism $$ \operatorname{BF}(V,W) \to (V \otimes W)^*, \quad \beta \mapsto (v \otimes w \mapsto \beta(v, w)), $$ with inverse given by $$ (V \otimes W)^* \to \operatorname{BF}(V,W), \quad \varphi \mapsto ( (v, w) \mapsto \varphi(v \otimes w) ). $$
One can combine these descriptions of the three isomorphisms to see that the constructed isomorphism $\psi \colon V \otimes V \to \operatorname{BF}(V^*)$ is indeed given by $$ \psi(v_1 \otimes v_2)( \varphi_1, \varphi_2 ) = \varphi_1(v_1) \varphi_2(v_2). $$ Since each of the three isomorphisms is natural it follows that $\psi$ is also natural.
Note that the third isomorphism also holds for infinite-dimesional vector spaces while the first two maps will only be injective. So for infinite-dimensional vector spaces we still get the natural linear map $\psi$, and it will always be injective, but it won’t be an isomorphism anymore.
Because of this, there will (probably) also be no good way to write down $\psi^{-1}$ even for finite-dimensional vector spaces in a basis-independent way.