Most here are talking about uglify which does very superficial minimization, but Google's closure compiler is in the mix too, and that provides static type checking, nested variable flattening, dead code removal, inlining optimizations, and more. These things are substantial, not marginal, especially the static type checking. It's closer to C++ compilation than it is to gzip.
Gzip can be used (and usually is) either way, and generally still has some benefit even on minified code. But no, gzip can't replace or provide the majority benefit of a minification pass, they're two mostly independent things done for mostly different reasons.