A good comprehensive answer should explain why InverseFunction "didn't work", however there's been no explanation so far.
A unique inverse function can be found in a region if there its jacobian is nondegenerate, i.e. its determinant doesn't vanish (Inverse function theorem) . For one - variable function it means that the derivative doesn't vanish.
Reduce[ D[ 30 #1^2 (1 - #1)^2 &[x], x] != 0, x, Reals]
x < 0 || 0 < x < 1/2 || 1/2 < x < 1 || x > 1
Now taking any of the specified ranges InverseFunction works expectedly:
InverseFunction[ ConditionalExpression[30*#1^2 (1 - #1)^2, 0 < #1 < 1/2] &][y]
ConditionalExpression[Root[-y + 30 #1^2 - 60 #1^3 + 30 #1^4 &, 2], 0 < y < 15/8]
InverseFunction[ ConditionalExpression[30*#1^2 (1 - #1)^2, 1/2 < #1 < 1] &][y]
ConditionalExpression[Root[-y + 30 #1^2 - 60 #1^3 + 30 #1^4 &, 3], 0 < y < 15/8]
so depending on the region inverse function might be any of Root[-y + 30 #1^2 - 60 #1^3 + 30 #1^4 &, k] for $k=1\ldots4$.
Invertibility of the given function is restrected to appropriate regions, this can be easily seen from the following plot
Plot[ 30 #1^2 (1 - #1)^2 &[x], {x, -1/4, 5/4}, PlotStyle -> Thick,
Epilog -> {Red, Thickness[0.008], Line[{{-1/2, 0}, {0, 0}}],
Blue, Line[{{0, 0}, {1/2, 0}}],
Darker @ Green, Line[{{1/2, 0}, {1, 0}}],
Darker @ Magenta, Line[{{1, 0}, {3/2, 0}}],
Red, Dashed, Line[{{{0, 3}, {0, -1}}, {{1/2, 3}, {1/2, -1}},
{{1, 3}, {1, -1}}}]}]
