I guess Zoom says they're end-to-end encrypted because they're using WebRTC, which probably means traffic is end-to-end encrypted after signaling, but users need to trust that zoom's signaling server doesn't do anything fishy.
Edit: I do not understand the reason for the downvotes. I am not defending the practice but am just describing their potential line of explanation. Please let me know explicitly if my comment is technically incorrect. Also, I would be interested what other vendors claim, who probably use similar technology under the hood.